Tata Steel - Correction?Tata Steel :-
- Monthly RSI showing signs of Divergence
- The same could be observed on Weekly RSI as well
- On daily the candle formed on 26.04.24 seems to be bearish in nature with high volumes forming a double top around the levels 165/170.
The Fib retracement could be seen plotted at 154-150, 0.5/0.618 respectively.
A short can be initiated from the levels 165/168 for a target of 6-8%
Buy opportunity can be seen at levels 152/154 post confirmation.
Trade ideas
Cycle C of Zigzag underwayCycle Degree:Blue
Primary impulse:red
Primary Corrective:Yellow
Monthly chart of Tata Steel is suggesting price raising in zigzag corrective pattern on cycle degree of which we are in wave C shown here in blue.As zigzag being a 5-3-5 pattern wave C is unfolding in an impulsive manner on primary degree shown here in red.This impulse has completed wave 4 recently and wave 5 is underway currently.
Ideally wave 3 is found to be extended in an impulse but this being a commodity stock,wave 5 is often found extended.Equality target on cycle degree is coming at 480 level and wave 5 extention target on primary degree is coming at 360,which is still double from current levels.
One can go long at cmp of 162.25 as price has recently broken its previous all time high of 153 as is sustaining above that breakout level from last 3 weeks post a pull back.On the downside a stop-loss of wave 4 low should be kept which is coming at 115 odd levels.
Disclaimer:This are just my views on the stock,no position should solely be taken on its basis,posting this just for my future reference.
BUY TODAY SELL TOMORROW for 5%DON’T HAVE TIME TO MANAGE YOUR TRADES?
- Take BTST trades at 3:25 pm every day
- Try to exit by taking 4-7% profit of each trade
- SL can also be maintained as closing below the low of the breakout candle
Now, why do I prefer BTST over swing trades? The primary reason is that I have observed that 90% of the stocks give most of the movement in just 1-2 days and the rest of the time they either consolidate or fall.
Trendline Breakout in TATASTEEL
BUY TODAY SELL TOMORROW for 5%
tata steel bearish butterfly hidden inside on weekly chart.- inverted head and shoulder break out done, ascending triangle trend line break out done, pennant flag breakout done, R1 also crossed nicely.
- But bearish butterfly hidden inside on weekly chart which make some nerves among uptrends movement.
- new investor please wait for correction
- 140 is the trend line support.
this analysis is for learning purpose only.
It is just a view, please trade at your own risk. I'm not SEBI registered adviser.
TATASTEEL Analysis & PredictionThis is the analysis of TATASTEEL in the weekly Time Frame. Watch carefully. The chart explains itself.
If it breaks and sustains above the upcoming resistance level, it is good for the stock.
There are some prediction levels. These Levels act as Support and Resistance according to position of price. You have to trade according to level breakout or breakdown.
Always maintain your risk management.
Book your profit according to your “STOMACH”.
Disclaimer:
This is not investment advice. I am not a SEBI Registered Analyst. Anything posted here is my own analysis and views. This is created for educational purposes only. Always consult your Financial Advisor before taking any decision or trade.
Happy trading.
About TATASTEEL :
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 on August 26, 1907 and is headquartered in Mumbai, India.
TATA STOCK - TATASTEEL📊 Script: TATASTEEL
📊 Sector: Steel
📊 Industry: Steel - Large
Key highlights: 💡⚡
📈 Script is trading at upper band of BB.
📈 MACD is giving crossover .
📈 Double Moving Averages are giving Crossover.
📈 Right now RSI is around 62.
📈 One can go for Swing Trade.
⏱️ C.M.P 📑💰- 155
🟢 Target 🎯🏆 - 167
⚠️ Stoploss ☠️🚫 - 150
⚠️ Important: Always maintain your Risk & Reward Ratio.
✅Like and follow to never miss a new idea!✅
Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Eat🍜 Sleep😴 TradingView📈 Repeat 🔁
Happy learning with trading. Cheers!🥂
Long Trade in TATA STEEL.NSE:TATASTEEL
Good opportunity to invest in TATA STEEL.
Best Buying Range : cmp@117 to 120.
Stop Loss : Below 106.
Targets : 124/137/150+++++
Reasons to Buy:
Breakout of symmetrical triangle pattern.
Good support from the long term Trendline.
Good support from the 200 DMA.
Good Risk to Reward Ratio.
Good PE ratio of 16.
Thanks
Note: This is just an idea, Kindly trade at your own RISK.






















