So here is the 1 day chart of Tata Steel ,as you all can see it creates a head and shoulders pattern and give a breakdown, now it is coming back for retest.
So in this case we have two opportunities
1- if it breakout the neckline and crosses it the next target would be 1470 which is its previous shoulder and if it even breakout shoulder the next Target is 1530...
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By no means shall we be accountable for any debits/losses amounting out of it.
We are not SEBI registered Analysts, so please consult your Investment Advisor and take rational decisions.
Tata steel taken support from 4hr time frame trendline
made Morning star pattern at 4hr time frame
RSI taken reached 40 level in weekly time frame
4hr time frame 200/ema taken support
H&S pattern brokeout in 15minutes can wait for pullback and take entry
1. Divergence with RSI on daily TF.
2. Still has not not broken the July candle range.
3. Look at the RSI. It has always taken an up thrust whenever it has come near the demand zone.
4. We have a similar formation in the stock this time.
The trend might reverse from here.
These are my insights. I can be wrong as well.
The stock has reached lower trendline and may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed based on fundamentals.
Tata steel is making symatrical triangle pattern if market gives breakout to this pattern then take buy or sell target.
if market open gapup then wait for retest 1382 level after retest you can take buy trade