TataSteel -Bearish flag & rejection from 61% of fibo TataSteel -bearish flag & and given rejection from 61% of fibo level ... looks bearish to me
TATASTEEL trade ideas
TATASTEEL Bounced from 50 EMA Long term Long OpportunityLooks bullish monthly timframe as it has began moving up strongly after break of bull pennant and making higher high and higher lows. Also recently just bounced from near 50 EMA and a previous support
Expected a small retrace near to 0.5 fib level on weekly timeframe along with bearish crossover in aroon indicator.
There is a hidden bullish divergence in weekly timeframe which also indicates strong bullish move soon
Short On TATA STEEL Go short on TATA STEEL as in one day chart RSI Showing bearish divergence as well as macd is ticking downwards.
This is not financial advice do your own research before investing with this strategy.
1st target :- 538
Stop loss :-587
if it falls more below 1st target then next target will be around 494-497. Use stoploss
TataSteel, 200 DMAI attribute lot of importance to three DMA--50,100 and 200. Why? Here is the logic to elaborate the same. Have look at the arrows. Price slid down 200 DMA and then it made two attempts to reach 200DMA but could not surpass the same. Since 50 crossed 200 on the downside. Now 100 crossed 200 which is quite negative. All rises will be sold. I posted this chart many days ago.
