IT HAS GIVEN BREAK DOWN IN A BROADENING PATTERN ON CLOSING BASIS THEN IT HAS TRIED TO COME BACK TO LOWER TRENDLINE AGAIN. NOT REACHING UPPER LINE IS SIGN OF WEAKNESS AND MEANS LOWER LINE WILL BE BROKEN AND IT WAS BROKEN TARGETS FOR SHORTS ARE GIVEN STOP LOSS MIGHT BE 427 APPROX CAUTION: NOTHING WORKS IF NEWS COMES AGAINST YOUR ANALYSIS
NOTE: TRADE AT YOUR OWN RISK
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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Currently we have 2 Hypos for Tata Steel.
Hypo 1 in Red suggests that the Triangle completed at the 586 level (marked by red box) and we have seen a series of nested 1-2-1-2's to the downside from there on.
Hypo 2 in Yellow suggests that the W.(E) of the Triangle formed a Triangle in itself which completed near 567 level (marked by Yellow box).
If it remains to hold the 490 level, we can hope new highs. Otherwise it may again go for its support level. But on the looks of it, it is not looking bullish as per the market. Looking for the target 470.
Trading at the top of the longterm downward trend line from 2011 TATASTEEL form a bearish butterfly at the top of trend line in the last 3 months price action.The stock can be shorted here as Risk reward ratio is very very low.Actually the idea was from Mr.Neteesh Jain who mistakenly quoted it as a long.
Thanks to Mr.Neteesh to Identify a good trade.