Tata Steel - Bearish Bat Pattern

It is been observed that the price action formed an important harmonic pattern called Bat Pattern indicating bearishness and a counter trend trade opportunity. It is a low risk trade as the price action has already reached to the previous resistance levels at 406. Now if the price action breaks and close above the previous resistance levels of 406 then we shall continue to rally up but incase we see some selling pressure at resistance then the price action shall retrace back to 38.2% Fibonacci levels at 388 levels.

Target: 388
Stoploss: 410
Risk Reward: 1:4
Trade closed: stop reached: Stoploss Triggered, Price action breaks above the resistance levels, now 435 levels can be seen. Regards


I was very positive on tatasteel expecting 419 as the target
+1 Reply
NeeteshJain udaya.gujaran
@Udaya.gujaran Yes, it might be possible once it breaks and close above 407 levels. I'm looking for a short correction before it goes up again. Regards.
+1 Reply
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