Tata Steel - Looks Strong on Price Structure

Monthly Chart

• Stock has been in Triangle Structure for around 10 Years!
  
• Stock has given breakout of this Triangle Pattern in 2017 Year and given around 250+ points rally.
  
• Since Year 2018, it is in downside movement. This movement looks like a Pullback structure rather than a Bearish Trend (enough evidences to not consider as the Bearish Trend can be seen on the chart by relating it a long year triangle breakout.
  
• It took the support as usual at the lower S&D area, please refer the chart where it has been marked with light-blue area.
  
• Even before touching this S&D area, it has got good volume when its pullback was about to complete. It clearly shows strong participants in the stock.
  
• Then as impact of Covid-19, we can see 3 back to back bearish WRC(wide range candles) but see the volume that looks less than previous volumes when price was moving up.
  
• Seeing the structure as of now, we comes under impression that stock is clearly in mood of joining its Breakout-rally trend (Uptrend) after completing the Pullback structure.
  

Weekly Chart Study

TATASTEEL

Note:
- No Buy/Sell recommendation, only study and information purposes only.

Comment:

First Target 420 achieved today!

Comment:

2n target 510 achieved!!!

Comment:

Remember we started from 395.90, when study was shared price was 393.85

Comment:

3rd Target 700 is achieved today!

Comment:

Stock has entered into 1250 area!