TATA STEEL
CLOSED ABOVE 200DMA
After cracking below the 200dma which is at 505. In few weeks back i said this stock will test the 485 mark and does it. So from here on what. This will be answered by 200dma only. The short term support is at 485. If it sustains above the 200dma one need to put a stop loss at 485 and book profit at 540-545 levels and possible Double Top target of 570. BB is getting narrower which suggest the lower volatality ahead. Daily CCi is just kissed the mid-point level. Daily RSI just crossed the mid-point level. So taking all this into account, definetly one can go long in it with the stop loss at 485 and for the target of 540-545 and 570. Go long only above the 200dma.
CLOSED ABOVE 200DMA
After cracking below the 200dma which is at 505. In few weeks back i said this stock will test the 485 mark and does it. So from here on what. This will be answered by 200dma only. The short term support is at 485. If it sustains above the 200dma one need to put a stop loss at 485 and book profit at 540-545 levels and possible Double Top target of 570. BB is getting narrower which suggest the lower volatality ahead. Daily CCi is just kissed the mid-point level. Daily RSI just crossed the mid-point level. So taking all this into account, definetly one can go long in it with the stop loss at 485 and for the target of 540-545 and 570. Go long only above the 200dma.
posted by Naveen Pantera at 9:52 PM
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