Tata Steel price looks weak

Updated
Tata Steel price looks weak

Reasons/Traits :
• Forming bullish Gartley harmonic pattern
• Retested point B of Harmonic pattern
• Pricing making lower lows
• Price retraced and from 0.618 fib levels and got rejected at 50 EMA and heading back to 0.618 level
• Breaking 0.618 level can further see a price decline
• RSI strength is reducing and is below 50

What can happen next :
Scenario 1 : Price sustaining 0.618/0.5 levels can help price bounce back to meet 50 EMA (red line)
Scenario 2 : Price break down of 0.618 levels can take it down to touch 200 EMA (black line) or 1050 level and complete Gartley harmonic pattern and retrace back to point B (1300)

Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Comment
Point B of harmonic pattern is acting as strong resistance
Comment
Hovering around 0.5, earlier test of 0.236 failed
Comment
0.5 fib levels looks very strong
Comment
Hovering around 0.5 fib levels
Trade closed: target reached
All targets hit..
Chart PatternsHarmonic PatternslowerlowtatasteelTrend Analysis

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