Tata Steel: Showing signs of strength

Tata Steel

In my previous take I had suggested a Call short position given the set up at that time being bearish. That strategy played out well...

Now the stock is at same level, however, In the current set up,

- the stock is trading above 21 day EMA and 63 day EMA
- the stock has tested the time and so far is managing to stay above the May 2022 low

The stock is showing signs of strength.

- Once above 252 day EMA which is currently around 107, the stock can potentially move towards 113 / 118 / 122 (Time looks ripe for the stock to retest the red line of Resistance

Pattern gets invalidated if closing below the green line on weekly closing basis or for 3 consecutive days.

Take care & safe trading..!!!

Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be

註釋