There is rising wedge pattern in the formation. Ideal spot for taking short shall be 399-402- where 5th wave will travel 61.8% of 1-3 distance. Let prices come in that zone & start falling to give us a hint.
A wedge in formation.. Let the rising trendline get broken.. The ideal spot for taking short should be between 399-402. Going above 415 shall invalidate the current wedge pattern. We shall look for 348-355 as target zone & going below 345- target zone shall be 295-305.
Tata Steel on its weekly charts seems to be breaking out with a cup n handle pattern signalling a medium term breakout from its bottom. Looks set for 440 and 500 levels
Usually Post H&S Pattern Activation it is seen that prices bounce back to Trendline Break to fall again- Now the top-393.90 is going to be crucial in coming days- if this is the top then I shall be looking for target zone 345-355.
Regards,
Abhishek H.Singh,CMT
Current Price-389...
Bang On. above 384.50 -Target 388-389 done as per previous update-"TataSteel- Top is still missing". from 24th June2016 low@296.30 - TataSteel has opened up in a beautiful bookish elliottwave. 3rd wave was 161.8% of 1st wave distance. 2nd wave retraced 61.8% of 1st wave. 4th wave retraced 23.6% of 3rd wave. 5th is currently running & I...
H&S Pattern gets activated once TS starts falling below 386... Giving us target of 379-380 as conservative target. Once Rising Trendline gets broken. Take Short only below 386- Key Level.
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We continue with our previous post- "Tata Steel- Beautiful Bookish ElliottWave"
Regards,
Abhishek H.Singh,CMT
Current Price- 382.
T ata Steel- follow up- Kissed 383-384 zone. Here onwards -we will be little careful as going below 378 back -will confirm that move from 360-362 zone is almost done.
Regards,
Abhishek H.Singh,CMT
As per previous update- Current Price-380.50 --"Tata Steel- Minor d-leg in process. Above 378.50- looking for 383-384.
Trump card opens to make me win the losing game.
Regards,
Abhishek H.Singh, CMT
14:35 Hrs-IST-16th Aug2016
Current Price- 377
As per morning update - "Tata Steel-still top is not in place"
Yet to complete minor d? leg --can take Tata steel Above 378.50 to 383-384--In an unfolding triangle at one degree larger.
Trading Strategy- Above 378.50 -TS could complete its internal leg in the zone 383-384 slightly below 384.50- The Killer...
The price movement in Tata Steel is indicating at present moment that top is still missing as price has not gone below 360 in recent fall-which I was keen.
Trading Strategy- 1) Any Move Above 378.50...we should look TS to travel in the range of 382.50--383.50.
Trading Startegy- 2) Any Move Move above 384.50- One can look for the zone 389--390 & Above 390...
Tata Steel ---if breaks the channel...downside ...there is leakage ...so don't go long ....going longs will be advisable only above previous swing high@382.50....or if channels get broken downside then 360--362 can be the target zone...
Go long if it starts moving above 382.50....but be careful...it could go till 384.50 --make double & fall....think with...
From Previous Update---"Tata Steel-Killer Top@34.50" ----Tata Steel...slips from 382--383...as expected ....to lose only 2 Rs as Risk with stop above 384.50--Our Killer Top....
It Indeed is favouring the idea of Killer Top....
Currently Runnning at 375...Current Low-374.30.....7 Rs Down....Bang On... Now Look Left & Trade Right....There is previous resistance...
TS once starts going below the rising trendline & sustains below 376--377....It will confirm that It wants to go down...well ....There is a risky call as well but someone who can take the loss of amount equal to current high--384.50 & Above ---which is our killer top--they can take short between ...382--383...losing 2 Rs or gaining big...below 377--376 zone....
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Just missed 390's...From the previous update--"Tata Steel--My Baby --Looking for 390's above 375"....As soon as it crossed 375...TS headed in the direction of 390's but fell short & made a top@384.50--which is similar top as on 6th May 2015-- "The Killer Top"
The move from 199.70 -Sep 2015 low's to current highs till 384.50 was decent trending move--If at all TS...
After two weeks of correction, this week Tata Steel has broke out and closed above 378 levels and confirmed the bullish trend. Now, it will continue its uptrend and will reach to 430 levels which is the next resistance point.
