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Tata steel took a nice breakout of 498 levels and touched 520 levels. It consolidated between 507 to 515 range and then break down of that range to retest 498 levels. Some weakness can be surely seen on the hourly chart at the 498 retesting level. And the downward sloping triangle pattern is confirming sellers pressure.
A break below 488 (base of triangle) will...
Rising along the trendline since morning. But the thrust on the upside is decreasing and it seems a reversal near crisscross @ 289
Also this is the 50% retracement of the yesterday's downmove.
Trade might be however for short term with tight SL above 290
The trade is based upon 5min. chart so for very small time frame (today only trade). Dun buy at the highs, wait for pullback to 491.50 to 493 zone and some sort of confirmation to buy. The first target would be the vertex of the rising wedge @ 600 levels. The 100% of the morning bull move would be the next target @ 603.75
For better understanding of structure...
The price action seems to be following a channel. Today stock touched the upper trendline of the rising channel and faced stiff resistance. It found support @ 1498 level. A decisive break below 1498 may take the stock to 1485. Below 1485 it may go as far as 1460-1470 support zone where some consolidation action can be seen.