TATASTEEL Breakout
Updated
TATASTEEL multiyear breakout, strong resistance near 750 level, need to be kept in focus by looking at the price action and the volume levels. levels as high as 910 developed in TATASTEEL. NIFTY METAL performing very good. STEEL companies all over the world performing well.
Go long on TATASTEEL with stop loss at 700 level, highly unlikely to be reached.
MACD crossover visible on daily chart.
Since huge buying was seen today, there might be some consolidation or selling tomorrow so keep that in mind.
RSI is in overbought zone so keep that in mind as well. But it seems to hold the overbought zone since the past few days.
Both derivatives and equity can be bought, i would recommend buying 750CE or cash equity as per risk apetite. if 750CE or futures are being bought, kindly have a serious look at the price action tomorrow as atleast some retracement of today's maribozu is possible.
Kindly let me know if any clarifications are requires, you may message me or comment on this post.
Great profit opportunity visible in the steel sector in the near future, global ques also positive.
Note
Post only for education purposes.
Go long on TATASTEEL with stop loss at 700 level, highly unlikely to be reached.
MACD crossover visible on daily chart.
Since huge buying was seen today, there might be some consolidation or selling tomorrow so keep that in mind.
RSI is in overbought zone so keep that in mind as well. But it seems to hold the overbought zone since the past few days.
Both derivatives and equity can be bought, i would recommend buying 750CE or cash equity as per risk apetite. if 750CE or futures are being bought, kindly have a serious look at the price action tomorrow as atleast some retracement of today's maribozu is possible.
Kindly let me know if any clarifications are requires, you may message me or comment on this post.
Great profit opportunity visible in the steel sector in the near future, global ques also positive.
Note
Post only for education purposes.
Trade active
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.