manavtechresearch
Long

DAY TRADE IN TATA STEEL IN MAY (FUT)/PENNANT B/0 POSSIBLE

NSE:TATASTEEL   TATA STEEL LTD
LOOK IN THE CHART...
Comment: POSSIBLE FORMATION
Comment: LOT SIZE IS 1061 PLZ CHECK BEFORE TAKING TRADE
Trade closed: target reached
Day trade target is achieved in above idea. But this looks like a bearish continuation pattern to me if you look at overall structure and previous bearish downtrend. The price action is consolidated in a sym triangle due to indecision in the market place, it will breakout to downside in my opinion. Thanks for sharing.
Reply
@snagare, SNAGARJI SUGGESTION I AM GOING TO PROVIDE NEXT IS JUST MY OPINION
1ST OF ALL THE CHART IS NOT SHOWING AN SYMMETRICAL TRIANGLE PATTERN BECAUSE THERE ARE VALIDATIONS FOR A PATTER WHICH I HAVE LEARNED IN CMT LEVEL-1 STUDIES THE DIFFERENCE BETWEEN A PENNANT AND A SYMMETRICAL TRIANGLE IS THE NUMBER OF DAYS AND TOUCHES OF THE BOUNDARY.
FOR A SYMMETRICAL TRIANGLE PATTERN WE NEED ATLEAST 3 WEEKS OF PRICE MOVEMENT WITHIN THE BOUNDARIES.
AS OF NOW ITS A PENNANT AND IT HAS BROKEN OUT.
AND A BREAK ABOVE 650 SHOULD CONFIRM A DOUBLE BOTTOM FORMATION
+1 Reply
Good analysis. Is the chart of futures or cash?
Reply
@apsp1963, chart is of cash

trade suggested in futures
Reply
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