Double Top pattern spotted in Tata Steel . Pattern is confirmed as price has broken below 500; neck level retesting looks to have done already. Pattern suggests a target of 485.
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TATA STEEL performing lower as there happens to be a cut in steel industry ,
Also ,
Technically it seems Stock price rolling inside a channel,
Short with a target of 395
I always try to alert the small investors because i am one of the same
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THE INFORMATION IN MY IDEAS IS PROVIDE FOR EDUCATIONAL OR INFORMATION PURPOSES ONLY.
THIS IS NOT FINANCIAL ADVICE.
ENJOY SOME PROFITS
MAKE SURE TO HIT THE LIKE/SUPPORT...
the stock is currently trading in a channel ..so wait for it to break the channel so that this can be picked up for investment purpose agg traders can enter once the channel is broken conservative ones can enter after a small consolidation(after channel breakout)
refer chart for details
One might buy Tata steel on dips with SL placed at 455 and targets of 479/485. The RSI is placed at 30.36 and indicates a high probability of a bounce back. It is also supported by the bullish candle created today. Bounce on the Nifty also supports the move.
As per technical analysis, it can easily go towards its support level. Given the market sentiment, the stock is more likely to come down towards its support level. Let's see where it goes as market is supreme!!!
These are my personal views. If anyone wants to take this trade, take as per your own risk and consult your financial adviser.
TATASTEEL has formed a rounding top and broke out below with good selling .
Can go short on pullback or at CMP with stop loss of 535 .
Targets for next support level of 510
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...
