Most of My New followers won't be knowing My tryst with TataSteel, every time I post a trade setup on Tatasteel it fails, No matter what it will fail. Always misfires... & It will remain as Favorite Misfire, No matter what, Not gonna hate it :)
Here I honestly seek your opinion on Tatasteel whether this will happen or not, can you guys throw some light on that ?
BPrime Points :
(i) These setups are formed/drawn on 5 or 15 mins, so when 5mins chart posted on 15mins it will be different.
(ii) After undertstanding the setup go down a timeframe (5mins) & see the exact setup
(iii) If the post seems cool n good for your trade with respect to your plan fix Entry,Stops,Targets
(iv) Trades holding period : Intraday or max.2...
Tatasteel is near channel support 442 which is also the 50% retracement level of prev move from 377 to 508. If this holds it can resume its uptrend. Stop loss for this trade is any close breaking below the channel trend line which is @440
CMP 454 is not in a favorable R:R for me. Will wait and take trade between 448-445 levels with stop loss @440 on closing basis....
After rejecting channel resistance 3230 NIFTY Metals has been in reversal mode and reached channel support @2854. If holds this level for few days likely to resume the uptrend again. If acceptance below 2850 will be critical for longs
Tata steel has formed new channel. It moves in channel for many days(see the first MMC) which can be used by trades to make decent money in each downtrend. The second MMC (Money making channel) is not having big channel distance (its INR 30-40) but enough to make money.
The stock is showing continuous divergence in hourly chart and yesterday Price bar was a key reversal bar so one can short the stock for a target of 460 - 455 and evaluate the trade at that level to continue with trailing stop loss or to take profit.
It is been observed on the Daily chart that the price action trending up in a channel and now facing resistance on the upper trend line, indicating selling pressure. Now, it shall correct a bit from current levels before further moving up.