TATASTEEL - Medum Term - Target 1 494, target 2 - 433TATASTEEL SEEMS TO BE MAKING A TRIANGLE IN B WAVE OF A ZIGZAG CORRECTION. ABC LEGS OF THIS TRIANGLE ARE ALREADY COMPLETED AND CURRENTLY WAVE D IS IN PROGRESS. THE REAL TEST WILL BE WHEN THE PRICE REACHES 540. IF IT REVERSES FROM HERE, TRIANGLE IS A DEFINITE POSSIBILITY AND THEN TATASTEEL CAN BE SHORTED FROM AROUND 570 LEVELS WITH A STOPLOSS OF 590 AND A FIRST TARGET OF 494 AND 2ND TARGET OF 433
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