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TATASTEELPP trade ideas

Breakout of The Year Tata Steel LimitedHi friends sharing a view on Tata steel where i observed a horizontal trendline breakout of ascending triangle on weekly timeframe and it seems a good opportunity to go long in this stock where Tata steel relentless climbing continues as it achieves a milestone with a weekly breakout to an all time high and bulls rejoice as price defies the expectations of bears and scaling new heights with this significant breakout of 2.5 years old resistance. So now we will talk about technical points which i observed as we can see price is moving in ascending channel since a long time where first took resistance from upper trendline of resistance in 2017 and after taken same resistance from that trendline in the year of 2021 but this time was way higher from previous top and now price breached that top of which it made in 2021 where it got rejected from rising trendline, And in this duration price formed an ascending triangle pattern after the previous all time high and the swing bottom which it made after that all time high. Used Super trend indicator with default settings for more confirmations of this breakout which provided by Trading View and for this thank you very much for them. Target Upside-: So mates we can see that once again price will touch that upper trendline after this breakout which will be near about to 200 to 205 levels, One pattern based target identified too in which i measured triangle height which is nearly about 75% so we can see a more 75% upside from the breakout levels. Support-: So now 138 levels seems a good support area where two big swing rejections are there this time can work as support on weekly closing basis. Breakout Retest-: Well a retest is a good confirmation of breakout and often gives sustainability and strength to breakout so for this idea 148-145 i will consider as a breakout retest zone friends and personally breakout retest entries are my favorite strategy and for this trade i would like to the same. This publication is meant for only learning purpose, it is not any kind of trading advice. Best Regards- Amit (Do boost my publication if you really like it mates) “Most traders take a good system and destroy it by trying to make it into a perfect system.” - Robert Prechter
NSE:TATASTEELLong
by AMIT-RAJAN
41
Cycle C of Zigzag underwayCycle Degree:Blue Primary impulse:red Primary Corrective:Yellow Monthly chart of Tata Steel is suggesting price raising in zigzag corrective pattern on cycle degree of which we are in wave C shown here in blue.As zigzag being a 5-3-5 pattern wave C is unfolding in an impulsive manner on primary degree shown here in red.This impulse has completed wave 4 recently and wave 5 is underway currently. Ideally wave 3 is found to be extended in an impulse but this being a commodity stock,wave 5 is often found extended.Equality target on cycle degree is coming at 480 level and wave 5 extention target on primary degree is coming at 360,which is still double from current levels. One can go long at cmp of 162.25 as price has recently broken its previous all time high of 153 as is sustaining above that breakout level from last 3 weeks post a pull back.On the downside a stop-loss of wave 4 low should be kept which is coming at 115 odd levels. Disclaimer:This are just my views on the stock,no position should solely be taken on its basis,posting this just for my future reference.
NSE:TATASTEELLong
by UNDERDOG-29
2