Tata steel after breakout his Ascending Tringle Chart Pattern Now its coming for Retrecement and after the 120 Getting or Taking Support from we can Comsider for Swing trade with 2-3Rs SL or 1:5 or Approx 1:8 Targets
KEE AN EYE ON IT…..!!!!
Tata Steel is trying to break out of the long Consolidation (1.5Years+)
It did a breakdown on 23rd Decemeber but immediately reversed which suggests a furious move on the other side.
It was also the 61% Retracement of recent trend.
Important Levels:
For Long term Investors: It should not Close and sustain below Rs100. Trade below 100 opens up the areas of...
Above 120 only We can expect Breakout towards 136.
Flase Breakdown -Price takes the reverse gear. According to technical analysis, the price has to touch 95-97 levels.
This analysis is just for educational purposes.
Tata Steel is respecting the daily trend line with breaking it once in the recent market fall, so far the bullish momentum shows that it could be a bear trap. It is currently testing the daily TF supply zone from where the latest fall began. On the hourly tata steel has given a break of a downward sloping trend line hence breaking resistance & showing bullishness....
Tata steel has shown rejection of a 15 min supply zone twice, it should turn out to be a good shorting opportunity with 107 as SL & 101.65(friday low) & 99.50 as targets.
Tata steel looks good till upper trendline.
As it has formed IHNS so it will give that target also it is forming bullish flag pattern on daily chart. So looks a good bet for long term.
Will prefer adding in all dips. Sl below trendline.
Views personal.
I Can go wrong.
Not a trading recommendation.
DYOR
TATASTEEL Has seen Fresh breakout on the Daily and 4- Hourly Charts. When Observed on the weekly Chart Strong Support at 106 is seen in the stock. Stock Broke the Resistance Levels 106 Retested it and again heading towards higher levels. We are Going long on TATASTEEL Future at CMP 112.25 For the Targets of 120- 125 and Stoploss of 105.75
#TATASTEEL
Trading near good weekly support of 103-107 which should be held on Weekly Closing Basis. If yes, we may see a good bounce till 120/125 levels, that's good 15% rise. If not, we may see a good fall till 96-93 odd levels with 82-83 being ultimate weekly support.
Gaps pending
Upside: 997.95/1020.8 & 1044
Supports: 869 & 842.85
Resistances: 895.6/927.7/950.8/974.7 & 991.6
Note: OI & Volume to be considered in all the trades.
Conditions applied:
Con 1: If we witnessed Gap up opening nearby 895.6, Wait for breakout & then take long position accordingly with the given levels.
Con 2: If we see sideways opening, then need...
📈 Tata Steel 📉
Tata Steel is breaking out of trend line after testing multiple supports at lower levels. Possible targets of 1410 & 1500 will be possible.
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and revert back if you need some more study on it.
Disclaimer : Consult Your Financial Advisor...
BREAKOUT TO TRADE:
Nifty Metal Sector has gave weekly closing above 61.8% Fib Retracement which means Metal Sector is now officially in Bullish Trend.
Our Long Term Pick is TATA STEEL
REASON :
1. Symmetrical Triangle!
2.Metal Sector Staring at a Breakout!
3. Removal of weak hands done last week.
TARGET : 1500+
SL IS WEEKLY CLOSING BELOW 595
![TATASTEEL: TATA Steel Can Shoot Up After Retest [Range Breakout]](https://s3.tradingview.com/6/6OjP7V9X_mid.png "TATA Steel Can Shoot Up After Retest [Range Breakout]")
