TATA STEEL : PENNANT PATTERN BREAK OUTTATA STEEL , one to the most popular stock of Indian Stock Market , which was under the radar of every single investor for this break out. The Stock has shown break out on BULLISH PENNANT CHART FORMATION after a gap of 2 years . Both MACD and RSI are in the favor of the break out and hence the probability of FALSE BREAK OUT is minimum. However , we still need to draw a line of control on this pattern which is at Rs. 114.00 .
The long term targets are Rs. 148.00 and Rs. 225.00
Remember this is an education post and meant only to understand the behaviors of the charts. It does not carry any tip to buy or sell for the stock.
Trade at your own responsibility . Good Luck !!!
