Hello fellow traders,
Tata Steel recently experienced a breakout from its established trend line a few weeks ago. Currently, it appears to be retracing towards the ascending trendline from above. This retracement could present an attractive buying opportunity for investors.
Additionally, on the price chart, Tata Steel has formed a symmetrical pattern. This pattern is characterized by a series of lower highs and higher lows, creating a converging shape. In the context of this symmetrical pattern, it's reasonable to anticipate that after breaking out of this formation, Tata Steel's stock price may potentially ascend by around 63 points.
To explain further, a symmetrical pattern suggests a period of indecision in the market, where buyers and sellers are in equilibrium, resulting in a converging price structure. The breakout from this pattern often leads to a significant price movement, which, in this case, is expected to be an upward move of approximately 63 points. This could provide a trading or investment opportunity for those looking to capitalize on the stock's potential upward momentum.
TATASTEEL
NIFTY
Safe trader can wait for 115 level to buy
Tata Steel recently experienced a breakout from its established trend line a few weeks ago. Currently, it appears to be retracing towards the ascending trendline from above. This retracement could present an attractive buying opportunity for investors.
Additionally, on the price chart, Tata Steel has formed a symmetrical pattern. This pattern is characterized by a series of lower highs and higher lows, creating a converging shape. In the context of this symmetrical pattern, it's reasonable to anticipate that after breaking out of this formation, Tata Steel's stock price may potentially ascend by around 63 points.
To explain further, a symmetrical pattern suggests a period of indecision in the market, where buyers and sellers are in equilibrium, resulting in a converging price structure. The breakout from this pattern often leads to a significant price movement, which, in this case, is expected to be an upward move of approximately 63 points. This could provide a trading or investment opportunity for those looking to capitalize on the stock's potential upward momentum.
TATASTEEL
NIFTY
Safe trader can wait for 115 level to buy