Ascending triangle pattern found in Tata Sponge. If it breaks out of the resistance line then we can expect targets mentioned on the chart. OBV is also increasing.
This news might help the stock to move up : Tata Sponge Iron acquires Usha Martin's steel business for Rs 4,094 crore
I am looking this could move up for an day or two to complete possible regular flat ( I am viewing as possible ) and then it will likely to move down to complete the correction of its previous Impulse wave ,
Waiting for possible reversal with Good volume
The Stock was on a consolidation mode after a good positive rally..
Again it is ready for the momentum.
High chances of possible breakout at upper side for a new 52 week High.
Entry Point Rs 940
Strict Stop loss Rs 920
Target1- Rs 975-980
Target2- Rs 1100
Risk Reward Ratio 1:8
TATASPONGE has completed the cup and is heading to make and handle.
As ofnow its not clear how long the handle will take, but as long as the neckline is respected..
Surprisingly it took a good support / resistance at every step of FIB. Currently hovering around 618 level.
handle is taking support at 50 level.
Also, thers is a BAT PAttern in the making. Lets...