Tata Steel: Struggling to return

TATA STEEL Daily NSE Stock Chart Technical Analysis:

Tata Steel Close & CMP: 613

• Tata Steel has a long term diagonal support line as visible on the chart.  This line crossed the diagonal resistance last week at the 638 price level.

• As is visible on the chart, the price fell below and remained below the diagonal line of support.  This is a negative signal.  As the diagonal line of support is moving upwards, it is obvious that the more time Tata Steel remains lower, this line of support will seem farther and farther.  

• Moreover, the diagonal line of resistance will now start pushing this stock's price lower.

• The only good luck charm is the support line at 578.  As long a this line withholds, one may feel safe.  However, if 578 is taken out, it's going to be dangerous for Tata Steel.

• A fall below 578 may be traded with a short position.

• For Elliott Wave Traders:  2 sets of A-B-C corrections seem to have occurred.  We are now looking at either the Wave 1 of the next bull trend, or Wave X for the next set of corrections.  If 578 is taken out, then we can conclude that we are in the next set of corrections and headed down for another Wave C.

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TATA STEEL Daily NSE Stock Chart Technical Analysis

Tata Steel: Trend Triangle and Price Channel

TATA STEEL Daily NSE Stock Chart Technical Analysis:


Tata Steel rose with the overall market today but the rise was half-hearted, there were less number of investors who were interested in this rise.

• Today's rise is unconvincing and I would not take positions in Tata Steel tomorrow morning, and wait for a trend to emerge.  
• Today a marabozu candle is formed but due to lack of overall trading interest in this rise, it doesn't seem sustainable.
• The stock price is traveling within its price channel of 578-701 since 6 months, so a break out in either direction can be enthusiastically traded.
• There is an important trend triangle and the price has attempted to return within it.  This triangle completes at 638, let's see how the stock behaves when it reaches this price point.
  
• Tata Steel आज ऊपर गया लेकिन वोल्यूम कम है इस लिए लगता नहीं है की लम्बे तक जायेगा.  वैसे भी त्रिकोण पड़ रहा है और भाव इसके इर्द गिर्द ही घूम रहा है.  अभी इस में पोसिशन नहीं लेनी चहिये जब तक कोई ट्रेंड सामने नहीं आता है.  अगर ५७८ से नीचे गिरे या ७०१ के ऊपर जाये, तो यह ब्रेक आउट ट्रेड किया जा सकता है.  

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TATA STEEL Daily NSE Stock Chart Technical Analysis

Tata Steel Near Its Resistance @ 666

TATA STEEL Daily NSE Stock Chart Technical Analysis:

Tata Steel is climbing towards its resistance line and is very near to it.

Market Outlook:

• Resistance of the price is at 666.
• If the price closes above resistance there could be an opportunity to go long
• But it seems unlikely that price will be able to break resistance.

Technical Indicators:

• There is a long term line of resistance at 666.
• The stock is overbought.
• The surge of interest on Friday might be indicative of exhaustion of interest and the price might fall back.
• Don't get into this stock right now, wait to close comfortably above 666.

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TATA STEEL Daily NSE Stock Chart Technical Analysis