Tata steel is taking resistance from a trend line after forming a ATH in 2021 and the resistance line has been tested 4-5 time and finally it is near a break out.
The stock took support from 20 ema on the weekly charts and has formed 'W' pattern.
As the markets are trading and forming new highs. Stocks will also follow the same. Watch the metal sector move and the stock too.
Metal sector is trading around 21400 levels giving 3.25% or 680 points move in a week.
The index and stock both are in green and if the sector remains bullish the stock can give good bullish targets.
On daily time frame, there is a triangle break out and a bullish moving average cross over.
Entry :- Above 117.5
Targets :- 124, 130
Let the stock cross and start trading above the entry level. Long term investors can accumulate the stock for 15-20% return.
Positional stock positions can be initiated and option traders can form a hegde in August series and trail there stop losses.
Swing positions for a 5% move can be initiated as probability of bullish move is there in the stock.
Wait for the price action near the levels before entering.
The stock took support from 20 ema on the weekly charts and has formed 'W' pattern.
As the markets are trading and forming new highs. Stocks will also follow the same. Watch the metal sector move and the stock too.
Metal sector is trading around 21400 levels giving 3.25% or 680 points move in a week.
The index and stock both are in green and if the sector remains bullish the stock can give good bullish targets.
On daily time frame, there is a triangle break out and a bullish moving average cross over.
Entry :- Above 117.5
Targets :- 124, 130
Let the stock cross and start trading above the entry level. Long term investors can accumulate the stock for 15-20% return.
Positional stock positions can be initiated and option traders can form a hegde in August series and trail there stop losses.
Swing positions for a 5% move can be initiated as probability of bullish move is there in the stock.
Wait for the price action near the levels before entering.
