Re: Tata Steel
Had a very tough month balancing work and market, mostly concentrating on work!
Anyways, Tata steel met the first target in weekly. 321.6 as per weekly chart above or weekly chikou (335.5)? Let's see.
Tata steel looks poised to reach the last swing high of 440, also qualifying it for a double top in daily.
My views below:
Check Daily Charts
I do not know what pattern to describe here. But if you look at the price reaction historically, you can see a pattern getting formed here.
The ultimate Chikou Span as shown by red rectangle will form the final resistance to the price rise of Tata steel. If you look at the purple arrow, it represents the price traced after the chikou span peaked. The similar action can be experienced in TS after the high is reached. Of course, there is a forward cloud resistance near 410. We will look at this if at all the price touches 440.
Check Weekly Charts
There is a level where most of the price action consolidated or got reversed. This has the same price range as mentioned in the daily charts.
Looking at the weekly RSI and final resistance by daily chikou, the red arrow determines the trend of the TS after it hits 440.
Check Monthly Charts
We got two days for this month to end. You can see the blue rectangles that shows the area of consolidation or reversal. Again, 440 is the level we are approaching in the monthly charts. Tenken in monthly will then be the level to watch for in monthly if the fall starts from 440.
In small timeframes,
30 mins:
Bounce from 100EMA in 30 mins on 24th Dec.
SST is bullish with this 100EMA touch as the bull SAR (416.35) and 423.3 as TSL.
5 mins:
Price rise got rejected at 425.9, the dotted line of 27th Dec.
423.8 is the low of the candle that broke out of the 5 minutes consolidation (1400 hours to 1505 hours). So this is a SL.
So we respect the level 423 and 416 before deciding whether to go long. We can go long with extreme small quantity if price opens near 425, and build up if 426 is broken. On the reverse, we wait till price reach 416 or when the price cross 423 again from the bottom of that day.
My views below:
Check Daily Charts
I do not know what pattern to describe here. But if you look at the price reaction historically, you can see a pattern getting formed here.
The ultimate Chikou Span as shown by red rectangle will form the final resistance to the price rise of Tata steel. If you look at the purple arrow, it represents the price traced after the chikou span peaked. The similar action can be experienced in TS after the high is reached. Of course, there is a forward cloud resistance near 410. We will look at this if at all the price touches 440.
Check Weekly Charts
There is a level where most of the price action consolidated or got reversed. This has the same price range as mentioned in the daily charts.
Looking at the weekly RSI and final resistance by daily chikou, the red arrow determines the trend of the TS after it hits 440.
Check Monthly Charts
We got two days for this month to end. You can see the blue rectangles that shows the area of consolidation or reversal. Again, 440 is the level we are approaching in the monthly charts. Tenken in monthly will then be the level to watch for in monthly if the fall starts from 440.
In small timeframes,
30 mins:
Bounce from 100EMA in 30 mins on 24th Dec.
SST is bullish with this 100EMA touch as the bull SAR (416.35) and 423.3 as TSL.
5 mins:
Price rise got rejected at 425.9, the dotted line of 27th Dec.
423.8 is the low of the candle that broke out of the 5 minutes consolidation (1400 hours to 1505 hours). So this is a SL.
So we respect the level 423 and 416 before deciding whether to go long. We can go long with extreme small quantity if price opens near 425, and build up if 426 is broken. On the reverse, we wait till price reach 416 or when the price cross 423 again from the bottom of that day.
Anyways, Tata steel met the first target in weekly. 321.6 as per weekly chart above or weekly chikou (335.5)? Let's see.
