TATA Steel has broken out of wedge with good momentum and has formed an inside bar . One can go once it goes below the last candle , for a target of 530 which is the next support level and 50% of prior bull leg. Stop loss 557
TATASTEEL has formed a top on 15 min time frame with pretty good selling . One can go short at CMP or at close below the support line for targets of 536/528 .
Stop loss for 560.
2 years ago in Feb 2016 , Nifty and Nifty Metal did bottom out together after that a year later, in Jan 2018 Nifty and Nifty Metal both made a top as well. Since then Nifty Metal is underperforming compared to nifty, while nifty climbing back to new highs, Nifty metal is just started advancing month ago.
Current rally in metal index is showing strength but need...
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CMP 507.85 | PRZ 534-540 | SL 547 | T1 528 | T2 519
Chart by @avyaktha on 09-03-2019
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TATASTEEL facing resistance exactly at fibonacci (513).
Will it break up or will move in uptrend double top?
If it breaks up target 535
If it moves down target 490
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