TATASTEEL1! trade ideas
TATASTEEL short positionThe price has been traded in the range.
Currently the price has been approaching the upper boundary of the range, which should be acting as a resistance.
The price has been respecting an upsloping support and we believe that the price will hit the resistance which would be our entry for the short position.
Target and stop loss are shown on the chart.
Tata Steel 2023 Tata steel has been forming an ascending triangle respecting support zones.
The average Relative strength of a 14 day period remains above its 50 Parameter which is an indication of a continuation to the upside, therefore our targets for the stock is Rs.120
Strong support levels are 111.20 and 112.85
Not only do we witness an ascending triangle, it is also followed by a cup and handle on the NSE which is on the verge of a breakout,
Initially needs to test the weekly 1.618% for a move up
Tata Steel1!28-11
Daily chart of Tata Steel1!
LTP: 105.30
Candles are trading below 200 EMA and the manual trend doesn't look strong.
The candles respected resistance at 109.25 & 106.85 (manual) and 106.95 (200 EMA)
RSI has a bearish crossover and couldn't succeed in an attempt to breach.
I have bought 105 pe for trading.
Steel had a good run, but it showing signs of weakness.Steel had a massive rally from the March 2020 low. Not calling it just yet but it sure does have all the symptoms of a top:
Extended run. 3 legs usually end it. Topping weekly 9 being bearing engulfing bar. Printed a weekly 13 sequential on the way back up with low volume and this last week see big volume down.
Short Sell Signal for Reverse SwingShort Sell TataSteel to take advance of reverse swing. Short Sell strictly below 1395 with SL 1410 for targets 1340-45 and 1300-10 in next 3-6 trading days.
Disclaimer :
Trading is never ever recommended as it is injurious to mankind. This is purely my study based on technical charts and for educational purpose only. Please do your analysis before taking any trades given by me. I MUST not be held responsible for any profit or loss out of any trades you take on our advice. All Disclaimers Apply.