BULL RUN Resumes in Metal stocks ? Tata Steel breaking out !!
Tata Steel is trying to break out of the long Consolidation (1.5Years+)
It did a breakdown on 23rd Decemeber but immediately reversed which suggests a furious move on the other side.
It was also the 61% Retracement of recent trend.
Important Levels:
For Long term Investors: It should not Close and sustain below Rs100. Trade below 100 opens up the areas of Rs80-85.
For Short-medium term traders: It should not enter into the triangle zone again. Entering in it will suggest the lose of momentum and a trader must exit if it happens.
On upside: 130-135 seems to be the first hurdle zone for Tata steel.
But, according to the long term chart structure, it has a very long way to go.
I am expecting a new ALL TIME HIGH SOON till the downside levels are saved.
NOTE: These are for educational purposes. No Recommendation.
It did a breakdown on 23rd Decemeber but immediately reversed which suggests a furious move on the other side.
It was also the 61% Retracement of recent trend.
Important Levels:
For Long term Investors: It should not Close and sustain below Rs100. Trade below 100 opens up the areas of Rs80-85.
For Short-medium term traders: It should not enter into the triangle zone again. Entering in it will suggest the lose of momentum and a trader must exit if it happens.
On upside: 130-135 seems to be the first hurdle zone for Tata steel.
But, according to the long term chart structure, it has a very long way to go.
I am expecting a new ALL TIME HIGH SOON till the downside levels are saved.
NOTE: These are for educational purposes. No Recommendation.