Tata steel gave a breakout from a promising channel pattern that has been in formation since over 2 years. Now the stock is taking support right at 50 DMA (Long tail candle), at .5 & .618 Fib levels and also at previous resistance zone which will now act as a support. Entries can be made in the same after a strong candle closes above 127 with strong volume. Short term Stop loss should be a a good candle close below 122 and long term SL is 117. Targets can be 150++. Trade can be held for a long term perspective too as Metal sector has given a breakout recently and is in a Stage 2 structure.
Commentaire:
Price has now closed above 20 EMA on DTF. Can buy some quantity.