STEEL FINALLY TO ROLL OUT
TATA STEEL - 535.65
HEADING TOWARDS DOUBLE TOP
This scrip is making a larger Triangle formation. Since reaching and making Double Top at 570 it fall to the range bound trading and it even get it into choppy trading as the day progressed. Now it slightly heading towards the 570 mark, on the way to the target it need to cross Two hurdles coming at 544 and 564. In case if it fails to stay above the level of 564-570 level then it begin to retrace everything which it gained from the level of 377. If once clear the 564-570 level then 377 low is eventually over, and there it move towards all time high of 679. As long as it stays above the 484 level then 570 level is valid, if once begin to penetrate the 484 then 377 is valid to test. CCI is at extreme bullish as so RSI too hmm making +ve divergence on daily charts. Even on daily charts the Momentum is getting on the track. All leading indicators are showing +ve one.
SAIL - 77.95
Still in The Consolidation Picture
Is it really heading to move towards 87 levels and then at 97. The patter looks seems to be. But as the days pass the Consolidation will be more and much larger. Now the 77 and 80 is the level to watch. The fall from 96.40 to 61 level is likely to be over if it stronly closses above 83. But it can retest the level of 61 if it tr to penetrate the 70.55 level. As long as it holds the 70.55 level then 87 level will be valid. On the little bit taking bigger picture of the stock, we can see a bigger consolidation on the cards between 86.90 and 61 levels. Right now CCI is at the xtreme levels and RSI above the mid-point level and more key is that this stock is trading above the 200dma. I'm bullish on this counter. One can go long in this with the stop loss of 70.55. The target i mention is at 87 and 97
TATA STEEL - 535.65
HEADING TOWARDS DOUBLE TOP
This scrip is making a larger Triangle formation. Since reaching and making Double Top at 570 it fall to the range bound trading and it even get it into choppy trading as the day progressed. Now it slightly heading towards the 570 mark, on the way to the target it need to cross Two hurdles coming at 544 and 564. In case if it fails to stay above the level of 564-570 level then it begin to retrace everything which it gained from the level of 377. If once clear the 564-570 level then 377 low is eventually over, and there it move towards all time high of 679. As long as it stays above the 484 level then 570 level is valid, if once begin to penetrate the 484 then 377 is valid to test. CCI is at extreme bullish as so RSI too hmm making +ve divergence on daily charts. Even on daily charts the Momentum is getting on the track. All leading indicators are showing +ve one.
SAIL - 77.95
Still in The Consolidation Picture
Is it really heading to move towards 87 levels and then at 97. The patter looks seems to be. But as the days pass the Consolidation will be more and much larger. Now the 77 and 80 is the level to watch. The fall from 96.40 to 61 level is likely to be over if it stronly closses above 83. But it can retest the level of 61 if it tr to penetrate the 70.55 level. As long as it holds the 70.55 level then 87 level will be valid. On the little bit taking bigger picture of the stock, we can see a bigger consolidation on the cards between 86.90 and 61 levels. Right now CCI is at the xtreme levels and RSI above the mid-point level and more key is that this stock is trading above the 200dma. I'm bullish on this counter. One can go long in this with the stop loss of 70.55. The target i mention is at 87 and 97
posted by Naveen Pantera at 7:47 PM
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