Tata Steel - Looks Strong on Price Structure

By ProfitPattern1

Updated

Monthly Chart

Stock has been in Triangle Structure for around 10 Years!
Stock has given breakout of this Triangle Pattern in 2017 Year and given around 250+ points rally.
Since Year 2018, it is in downside movement. This movement looks like a Pullback structure rather than a Bearish Trend (enough evidences to not consider as the Bearish Trend can be seen on the chart by relating it a long year triangle breakout.
It took the support as usual at the lower S&D area, please refer the chart where it has been marked with light-blue area.
Even before touching this S&D area, it has got good volume when its pullback was about to complete. It clearly shows strong participants in the stock.
Then as impact of Covid-19, we can see 3 back to back bearish WRC(wide range candles) but see the volume that looks less than previous volumes when price was moving up.
Seeing the structure as of now, we comes under impression that stock is clearly in mood of joining its Breakout-rally trend (Uptrend) after completing the Pullback structure.

Weekly Chart Study

Note:
- No Buy/Sell recommendation, only study and information purposes only.

Note

First Target 420 achieved today!

Note

2n target 510 achieved!!!

Note

Remember we started from 395.90, when study was shared price was 393.85

Note

3rd Target 700 is achieved today!

Note

Stock has entered into 1250 area!

ProfitPattern1

email: profitPattern@gmail.com
Telegram: 💲💲💲t.me/ProfitPattern
YouTube: youtube.com/c/ProfitPattern

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.