Almost 120 points fall predicted on TATASTEEL.
Reversal can be from now. So i suggest to book profit on this stock.
Look this chart was updated by me last month. Almost 120 points fall from my short-selling level.
We can see that the stock has taken support at the critical level, below this the stock may fall badly & resume it’s trend down. The RSI is holding on to the 40 levels, we may expect the hammer to work and prices should move ahead from this level. The probable target zones in short term may be around 450 & 500 levels while closing below 285 will be not good.
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Tata steel weekly chart has a probability of Bearish Bat pattern. Currently stock is trading near its prz zone.
Keep an eye on price action near that zone.
Harmonic Prz zone also coincides with downsloping trendline and .382 Fibonacci ratio level
Near term support is 430
and major support is 490 levels.
This stock looks quite bullish on all the TFs, still, this stock might see some resistance around 501 level and give some minor downtrend towards 489 -->477-->473--> 457, before moving up. Date 3rd of January is critical which can make the top for the above prediction.
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