Usually it happens that Post breakdown -In this case a rising trendline RT was broken by TataSteel -Made a low@363.15 & did a bounce to kiss the same trendline which was broken earlier. Double brackets for circled roman numbers This trendline could offer resistance to Tata Steel & If prices go below 369 -that would really indicate that TS is in the final leg of...
Picking a top or bottom is always a dangerous game unless it is confirmed by price action. Momentum Indicators are slowing down & current low@373.05 could be a temporary halt & some retracement could be seen before TS resumes its downtrend. There is a rising trendline which could support TS & give a halt in the fall of 408.50- as per previous update we were glad...
Tata Steel- Ideal Retracement Zone 383-385 Clicked. Session High@386.75 The retracement which I was looking out for so many trading sessions is finally done- the fall from 394.65 to 367.30 has been retraced by 61.8% -which comes in the zone 384-385. Likely we should see some pressure in TataSteel once it starts falling below 381-380 handle. So, let wait for...
I'm not trading this setup , so please check your plan n rules if you are going to trade. There is reason why I'm not trading Tatasteel. I have shared around 250 ideas in total I guess but none of them will be on Tatasteel. This particular scrip is on Love n Hate relationship, bcos whenever I trade, it will hit my stops (Yes, It happens & its called Luck ). So I...
Tata Steel ranging and trading in a uptrending channel as marked with Purple on chart. I believe today's closing shall determine further movement of price action in it. If the price action closes above 406 levels then we might see further rally as buyers confirmed strength and pressure and shall take prices further up. In case it closes below 404 levels then we...
Since the last update, I was expecting a bounce at least till 383-384 where TS will get retraced by 61.8% of the fall from 394.65 to 367.30 But aren't moving up neither down- so it is advisable not to get impatient & take a hurry trade. Trading Strategy- Either look for a bounce in the zone 283-284 or let the swing low@268 get broken for short trades in the...
Likely I would be interested if TS comes again in the zone of 383-385 where the fall from 394.65 to 367 shall be retraced by 61.8%- ideal location for Wave-2. Trading Strategy One can look for longs if TS crosses 375 with day's low stop for target zone 382.50-384 Always book 50% in every profit trade & trail rest to stop at cost. Or Sell can be taken only if...
Tata Steel- Hatrick Move Back to Back - first fall below 380 to 367-368- Then Bounce from 367-368 to 379 - & the Hatrick move - Fall again from 379 to 373. Regards, Abhishek H. Singh, CMT
The current bounce from 367.30 to 379.20 has retraced 38.2% of the fall from 394.65 to 367.30. Likely we should now be ready for the strongest move downside if TS goes below 375 & also falls below 370. Going below 375 & taking support just above 370 -one should book profits & flip your your position in buying above 370 with stop slightly below 370 but remember...
Tata Steel- Bounced from the zone 367-368- Vow - It's like a dream come true. I have been talking about TataSteel that we are likely done in the zone 367-368 & not much downside could be expected before we start retracing upside for the fall from 395 to 367.30. Current Rate - 372.20 We should travel in the zone 377-379. Key Level- 367 Regards, Abhishek H....
Tata Steel- An Ending Diagonal or Traditional Wedge Pattern in the 5th Wave- is always an Elliotticians delight. It looks like we have completed 1st tranche of the fall from 394.65 to 369.20 - Likely- TS will bounce back & it could go deep on upside possibly in the range 387-390's but make sure enough that it should not cross 395-which is the top. Once bounces...
Let us wait in the coming session, to get some clear market direction- once Tata Steel starts moving above 373- it will give us a clue that it wants to head upside or retrace the move which started from 395 Top in E.D. (Ending Diagonal). Currently going below 368- we shall be open for the short downside move, but not looking much downside before it starts moving...
The stock stills holds the trend. No congestion so far. If channel holds tomorrow one can enter again.Breaking the channel is the only concern as of now
We had a corrective A-B-C Structure in minor iv-wave- let us look for a bounce above 390 going in the zone 394-395 & beyond 395 in the zone 401-403 as mentioned in previous updates.
Once TS crosses the falling resistance line- It will push to 390-391 & going beyond 392- Shall kiss 394 & Above 395- Atlast -should kiss 401-403 Range
As per previous update- "TataSteel- Let the Rising Trendline Be Broken".. We exit here & wait to see the price action. If TS starts moving back above 384. In that case TS hasn't finished its iv-minor wave & we can see possible bounce back to 392 & Above 395 it could go to 401-403 -our desired zone. Regards, Abhishek H.Singh, CMT
As per previous update- "Tata Steel- A Closer Look in the Wedge"--Price Slipped to take support of the rising trendline..Can we get the bounce now.