It is been observed that the price action breaks above the important and strong resistance levels on daily chart indicating a buyers coming back and charging up and also taking control over price action. It shall further move up from current levels.
It is been observed on the Daily and weekly chart that the price action is trending up and now forming a ascending triangle on weekly and daily chart indicating buyers control over price action.
Short term: (2-5 Days)
Mid-term (1-2 weeks)
It is been observed that the price action has previously breaks out from a channel as shown in Tata Steel chart (link given below) and then retrace back to the previous channel trend line, forming a V shaped signaling completion of retracement and now the price action shall further move down toward 1660 target levels.
The price action on hourly charts indicates that there is high selling pressure that has broken out from preceding diagonal pattern. It simply indicates weakness and dominance of sellers.
Target 1: 1668 (i.e. Fibs retracement levels of 0.382)