1. Tata Steel broke down the major trendline support & retested it.
2. Breaking horizontal support of 390 will push down the price to key levels which are marked over the chart.
3. Keep your stop loss for short above the blue trend line and enjoy the ride.
IT HAS GIVEN BREAK DOWN IN A BROADENING PATTERN ON CLOSING BASIS THEN IT HAS TRIED TO COME BACK TO LOWER TRENDLINE AGAIN. NOT REACHING UPPER LINE IS SIGN OF WEAKNESS AND MEANS LOWER LINE WILL BE BROKEN AND IT WAS BROKEN TARGETS FOR SHORTS ARE GIVEN STOP LOSS MIGHT BE 427 APPROX CAUTION: NOTHING WORKS IF NEWS COMES AGAINST YOUR ANALYSIS
NOTE: TRADE AT YOUR OWN RISK
Writing it in live markets.
Weekly at resistance. Red small candles, clear rejections and a bearish hidden RSI divergence gives me a clear weak bias in the weekly.
Daily forms a Double Top pattern along with a weak Trendline break. Need a break below the support (Orange line) for swing...
TATA STEEL: The stock made an breakout attempt on 4th November but didn’t quite make it. The prices retraced into the cloud only to take support at the Span B plus TS line. The RSI is well into the bullish range and MACD is forming a bullish hook pattern. At 440 a strong resistance is placed. An attempt to test 440 levels can be made by the stock. Activity at...
Key Levels for TATASTEEL are : t.me - JOIN TELEGRAM CHANNEL
Upper Breakout~395.40
First Target~ 397.60
Interim Resistance~402.50
Final Resistance~407.10
**Lower Levels**
Lower Breakout~ 390.50
First Target~387.80
Interim Support~385
Final Support~380.20
Please trade with caution and consult your financial adviser before trading. You can...
- Resistance turned to support
- Wick formation in daily chart with huge volumes
Expecting a gap up tomorrow. Do your own analysis before taking a trade
Follow on twitter/telegram @piyushrawtani for live trading ideas.
TATASTEEL has formed a double bottom after a long downtrend in a slow bear channel . Once it closes above 385 , can go long for targets of 440 in coming days.
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