TATASTEEL trade ideas
Greate opportunity in Tata steels.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 which is head.
2- the second possibility is that if it can't cross the neckline and reverse back than this is the sign of selling pressure and for this scenario we have target of 1250.
From my observation there are higher chances of downtrend,but we have to aware of both opportunities
🙏🏿
Thanks and regards
Ankit Mathela
Keep trading 🔥
Short with Risk of 1% and RR of 1:2Short with Risk of 1% and RR of 1:2
"
NOTE: You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor. All trading strategies are used at your own risk."
TATA STEEL INTRADAY...NSE:TATASTEEL
TO ANALYSIS STOCKS FOR INTRADAY-
1- switch to higher time frame and analysis the trend which market is currently following
2- also candelstick pattern are effective in higher time so look for any of that( inside bar , doji , engulfing etc)
3- then switch to your trading time frame and then trade in that
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Short with 1 % risk and Reward of 1:2Short with 1 % risk and Reward of 1:2
NOTE: You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor. All trading strategies are used at your own risk.
tatasteel buy ideamonthly atr is 147 and previous month close was 1443, max correction to be 1296, but it has gone down more than that and currently taking support at 144 WDMA value 1260, is making a prz here where xabc done and d leg to form. and also AB=CD level coming at this area which might not extend more because since last 3 months this stock is doubling its upward journey speed during the expiry week after a sharp fall in the 3rd week.
buy should be initiated after a close above 1275, at least in a one hour chart for target 1, 1300 and target 2 1340 which is 8 dsma. view is negated a close below 1260 in daily chart and wait for 1180 or setting a stoploss at 1275 an aggressive short can be initiated for 1180.