ProfitPattern1

Tata Steel - Looks Strong on Price Structure

NSE:TATASTEEL   TATA STEEL LTD
Monthly Chart
  • Stock has been in Triangle Structure for around 10 Years!
  • Stock has given breakout of this Triangle Pattern in 2017 Year and given around 250+ points rally.
  • Since Year 2018, it is in downside movement. This movement looks like a Pullback structure rather than a Bearish Trend (enough evidences to not consider as the Bearish Trend can be seen on the chart by relating it a long year triangle breakout.
  • It took the support as usual at the lower S&D area, please refer the chart where it has been marked with light-blue area.
  • Even before touching this S&D area, it has got good volume when its pullback was about to complete. It clearly shows strong participants in the stock.
  • Then as impact of Covid-19, we can see 3 back to back bearish WRC(wide range candles) but see the volume that looks less than previous volumes when price was moving up.
  • Seeing the structure as of now, we comes under impression that stock is clearly in mood of joining its Breakout-rally trend (Uptrend) after completing the Pullback structure.


Weekly Chart Study



NSE:TATASTEEL

Note:
- No Buy/Sell recommendation, only study and information purposes only.
Comment: First Target 420 achieved today!
Comment: 2n target 510 achieved!!!
Comment: Remember we started from 395.90, when study was shared price was 393.85
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