HWHG trade ideas
tata steel -expected behavior on weekly chartthis chart is purely for educational purpose.
Technical summary as of 05/12/2021
name value
rsi(14) 56.384
stoch(9,6) 65.956
stochrsi(14) 66.072
macd(12,26) 3.090
adx(14) 31.207
williams %r -27.045
cci(14) 59.4315
atr(14) 12.1107
highs/lows(14) 2.2286
ultimate oscillator 49.410
roc 3.461
bull/bear power(13) 13.9520
Tata Steel price looks weakTata Steel price looks weak
Reasons/Traits :
• Forming bullish Gartley harmonic pattern
• Retested point B of Harmonic pattern
• Pricing making lower lows
• Price retraced and from 0.618 fib levels and got rejected at 50 EMA and heading back to 0.618 level
• Breaking 0.618 level can further see a price decline
• RSI strength is reducing and is below 50
What can happen next :
Scenario 1 : Price sustaining 0.618/0.5 levels can help price bounce back to meet 50 EMA (red line)
Scenario 2 : Price break down of 0.618 levels can take it down to touch 200 EMA (black line) or 1050 level and complete Gartley harmonic pattern and retrace back to point B (1300)
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
TATATSTEEL AT SUPPORT (DAILY+CHANNEL)Hello guys, the next stock I am watching for upmove is TATATSTEEL.
Following a channel pattern, now has touched the lower channel line acting as support, is also on daily and weekly support.
RSI is bullish
MACD about to turn green.
Buy above - 1125
15% upside possible.
Targets mentioned in the chart above.
LongA stock that is fundamentally strong at this level its a very strong buy Keep a SL of 1050 The MA will soon move down the price range.
1350,1450,1550 can be achieved easily
Risk to Reward ratio is also feasible to take the trade.
This stock can go up-to 1900 in a proper bull run Patience Required
TATA STEEL Bullish 15% TargetTata steel is range bound.
Near term target is 15% around 1300.
If it breaks the trendline then future targets:
T2: 1380
T3: 1488
T4: 1533
RSI and MACD are gaining momentum. Very favorable risk : reward setup.
Disclaimer: I am not sebi registered. This chart is for educational purpose. Pls consult your technical advisor before investing.