Tata Steel - LongTata Steel has completed its bottom @ 270.75 yesterday and if todays low @255 (Spill Over) made holds expect 399 and a correction to form a HL @ 310 - 298 on Daily range and then to 454 to make a LH in Monthly range.
TATASTEEL trade ideas
TATA STEEL : Short Parameters :
Position Size : %1
Risk/Reward Ratio : 2.2
Stop-Loss : 309.50
Target : 271.10
Tata Steel cmp 434, 4 hour chart, forming Harmonic patternTata steel has already given breakout from daily weekly and rested support at 420 (please check daily weekly chart), with respect to breaish butterfly harmonic pattern , point no. A-B and if C holds @ 430 (where support trendline is also seen) it will again move up to complete the pattern. Target is coming around 530 with SL at 415 dcb cmp 434. Risk to reward is 1.5:10
Remember this pattern is valid only if point no. C holds, hence prz @ 430, if it respects will be updated here in same thread.
Sharing is for education purpose only.
TATA STEEL Trading levels and my view Looking at the chart of TATA STEEL in daily time frame price is currently well above 200 DMA . currently it may remain in a trading range mentioned in chart by green box a break above the box i will become bullish but a break below i will look for buying opportunity if it react to any of my support levels mentioned on chart.
Short term Downside to 460 - Indecisive after thatThere is a 3 drive pattern, hence there is a short term downside to 460 after which , decision can be taken based on the candlestick pattern
watch Tata steelcurrently at crucial stage,if corrective pattern is visible at this price then stay out of this trade but if it breaks this zone then go long for extended 3rd wave iimpulse upto fibonacci ratio of 2.618
bearish bat pattern has also completed so better stay out of this trade
TATA STEEL HARMONIC PATTERNTATA STEEL approaching near major resistance of 472-480
any weakness near this levels will lead to 445---435 levels
