Lower Highs and Lower Lows since the formation started in Jan 2018.
We had a huge move from Mar this year, wherein we had six months of bullish candles.
At Rs 440, its at an interesting juncture.
Is it bearish as it appears?
or is it some very bullish Chart pattern ?
I would go for a bearish stance.
I will short tatasteel because :
It is facing a strong resistance at the trend line.
Its not been able to break that trend line.
The price is again at the resistance trend line and may fall.
If it breaks the resistance trend line then we will be looking to buy.
Entry : 400
First Target : 320
Second Target : 280
Stop loss : 440
AS PER ME MORE CHANCES MARKET WILL FALL AGAIN TOMORROW AND TATA STEEL HAS NOT BEEN MOVING WITH MARKET SONCE YEARS FOLLOWING A PARTICULAR PATTERN AS SHOWN IN TH VIDEO SO MY CALCULATIONS SAYS IT WILL TOUCH SOMEWHWRE 350 AND BREAK DOWN TILL 330.
HOPE FOR THE BEST.
AND FOR DELIEVERY IT IS BEST TIME TO SELL IT.
I hope you can now see how TATASTEEL represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis . U+1F60D
Disclaimer: It should not be assumed...
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
June Series Option can be tried.
Wait for entry setup, if available then Long/short.
Reward is 7-8 Times
Buy if candle close above 346.05 only
Short if closing below 344.2 Only
TGT: 4+ Points
Disclaimer: These are just my views, I am only SHARING my views - kindly do NOT trade blindly with these levels, please do your own research before entering.
if you look at the charts tatasteel is near its 50 period weekly ema if it breaks one can buy with a near tgt 445 which is weekly resistance and tgt2 of 458 which is also a weekly resistance but much stronger and a strong monthly support at 432.
IF YOU WANT DAILY ANALYSIS ON TATASTEEL FOLLOW AND SHARE THIS IDEAR
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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