TATA STEEL - GOES DOWN, YET COMES UP SOON?TATASTEEL is on a decline by ending diagonal. It can retrace too soon as a possibility 1.
However, there is less chance to form triple zig - zag. (i.e possibility 2).
Invest wisely.
-Definitely not SEBI - Registered. So, this is only for educational purpose.
HWHG trade ideas
Hedging opportunity (bullish spread) in TATASTEELIt seems like TATASTEEL is going through accumulation phase, ready for a big move. There is a strong support at 1250 so breakdown of that level will not be easy. if the desired move come then 1500 will be a easy target.
Reasons behind this speculation
bullish flag pattern follow by W-shaped (modified head and shoulder pattern) recovery
Metal prices have shot up in past one month. cool off period will be a boost for the Steel industry
Big volume in bullish candles compared to bearish ones indicating less profit booking/long covering compared to long-build up.
NSE:TATASTEEL
TATASTEELNSE:TATASTEEL
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All steel sector stocks rocking - not sustainableAll steel sector stocks are rocking. All crucial rawmaterial like coking coal and other coal prices rocked from USD 60 levels to USD 300+ levels, still the stocks are rocking. Better be light with these stocks, as increased steel price would not obsorb end user buyer. Expected a great slow down, going forward next two years.
However, pls take informed decision at your risk. Observation is for study purpose.
TATASTEEL - Long viewThe stock has crested a good base at the level range of 1040 levels.
As you can see the stock has taken support around this area and moved upwards.
It reached a high of 1534 levels before crumbling to huge selling pressures.
The stock is trying to make its way back to the top.
I have presented my views on the chart with levels that can help you take your trades.
Thanks & Regards,
If you feel you can make use of my and put them to good use, request you to kindly revert with feedback/suggestion/improvement
Tata Steel on 15 min time frame Tata steel is facing a continuous resistance as can be seen on the image . So good for intraday if its breals the level with a good volume and its important for it to take support at 200 EMA.
(ADVICE)- Market is sideways nowadays so act accordingly , if market is also going up and showing signs of going up then it may be more accurate trade.