It has a weekly as well as daily resistance at 420 from where it has reacted. Unless it manages a close above it there is strong possibility it might retest support at 390-380 to confirm a higher low. Sustaining above 420 (on closing basis) could take it to 475
Writing it in live markets.
Weekly at resistance. Red small candles, clear rejections and a bearish hidden RSI divergence gives me a clear weak bias in the weekly.
Daily forms a Double Top pattern along with a weak Trendline break. Need a break below the support (Orange line) for swing...
1. Tata Steel broke down the major trendline support & retested it.
2. Breaking horizontal support of 390 will push down the price to key levels which are marked over the chart.
3. Keep your stop loss for short above the blue trend line and enjoy the ride.
One last drop to retest 390 levels will be a good chance to add Tata Steel for huge target.
Synced with betting on EU operations and stock market to test highs. Result Day trading is volatile and trade could go either way.
This is a classic example for explaining "tails". Price was nearing the support and both buyers & sellers were trying to take control. This was expressed by upper wick & lower wick candles formation. Support was at 462 - 464 levels. Whenever we saw battle between buyers & sellers, we have to wait for few minutes so that we can get trend direction confirmation....
it is near major support zone and is defending well and overall is in uptrend so one can buy with stoploss of 399.50 on closing basis and keep a tgt of 425 which is acting as major resistance and you can also see the stochastic and volume for further confirmations and if us& hina trade deal goes through it will rocket
Tata steel could be a great buy if stock breaks 408 level, with target of 435, (previous lower trend line could act like resistance, profit booking can be seen)
lets see what happen on monday.
TATA STEEL SEEMS TO ME HAS BOTTOMED OUT NEAR 320 . HOWEVER I SHOULD WAIT FOR DECENT CORRECTION TILL 375-380 FOR INVESTMENT. THE STOCK ON MONTHLY CHART HAS BEEN RISING SINCE LAST 3 MONTH IMPORTANTLY WITH ABOVE AVERAGE RISING VOLUME. FOR ME ITS A GOOD SIGN.
PLEASE DO YOUR OWN RESEARCH BEFORE ANY INVESTMENT. I AM NOT A SEBI RESEARCH ANALYST. THE ABOVE IDEA IS NOT...
Tata Steel Ltd. is a holding company, which engages in the manufacture of iron and steel products. It operates through the following segments: Agriculture, Automotive Steels, Construction, Consumer Goods, Energy and Power, Engineering and Material Handling. Its products include Automotive Steels, Galvano, Tata Agrico, Astrum, Bearings, Pipes, Precision Tubes, Shaktee, Steelium, Tiscon and Wiron. The company was founded by Jamsetji Nusserwanji Tata on August 26, 1907 and is headquartered in Mumbai, India.
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