Tatasteel
Tata Steel Intraday Short (Perfect Confluence)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 short.
In 75 min. price can be seen breaking below the support (Green Line) clearly and there is a pullback to reject it which is a perfect long wick candle in the making.
In 15min also, a perfect red rejection of the support can be spotted (arrow).
For entry, I used the 5 min TF and waited for a break of Trendline to enter short by confirming that the pullback was over.
TATA STEELIt has a weekly as well as daily resistance at 420 from where it has reacted. Unless it manages a close above it there is strong possibility it might retest support at 390-380 to confirm a higher low. Sustaining above 420 (on closing basis) could take it to 475
TATA STEEL : Breaking Down !!! 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.
Tata Steel: Another breakout attempt. How far it can carry? 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 those levels should be monitored and as further course will be decided at the price action formed at that point.
TATASTEELIt is showing a clear divergence for me.
It also a bullish engulfing.
First target will be around 350 and stop loss around 320
Tatasteel- Watch this trade @ support zone Tatasteel most probably move up form here if closes below th support line ...may have more downside..trad with strict stop loss
TATASTEEL looking for another dropSelling pressure on TATASteel probably profit booking.. Good time to short ?
TATA STEEL - BULLISH BATTATA Steel on Monthly Time Frame given a signal, that completes the Bullish Bat Pattern
Wait for the next Green Candle to Go Long
Target 61% from Low.
TATASTEEL movement on chart Trend analysis is a way of prediction however strategies are well proven and tested way of reacting to market. There are some people who predict the market with better accuracy and there are some people who are involved in re-acting the market. It takes practice, risk management and confidence to make a trade in your favor.
TATA STEEL LONG TERM VIEWTATASTEEL has given a good fall in prices after the breakout. The fall in price is currently halted & is seen consolidating. It has potential of a pullback towards the cradle as its in oversold zone. A throwback upto 410-430 range cannot be ruled out. Thus, traders can buy in the range of 335-347 for short term trading with a protective stop loss below 275. Overall long term outlook is still bearish & thus long term traders can sell again on a pullback for long term targets of 220-200.
