Hello and welcome to this analysis on TATASTEEL
From the recent highs after a tremendous rally for around 15 months TATASTEEL reversed and has so far shown all indications of a complex corrective within a falling channel.
After completing a WXY in end NOV near lower channel it bounced back to the upper end of the channel but in a corrective structure till mid JAN and then dropped sharply.
Now going forward if it holds above 1085 it might once again attempt a retest of the upper end of the channel near 1225-1250 to complete an X wave and from that level it could resume the last leg Z of the complex corrective till 900.
Key levels to be watched 1065 if breached now then bounce would be ruled out & 1300 which would negate the Z leg of the complex corrective.
From the recent highs after a tremendous rally for around 15 months TATASTEEL reversed and has so far shown all indications of a complex corrective within a falling channel.
After completing a WXY in end NOV near lower channel it bounced back to the upper end of the channel but in a corrective structure till mid JAN and then dropped sharply.
Now going forward if it holds above 1085 it might once again attempt a retest of the upper end of the channel near 1225-1250 to complete an X wave and from that level it could resume the last leg Z of the complex corrective till 900.
Key levels to be watched 1065 if breached now then bounce would be ruled out & 1300 which would negate the Z leg of the complex corrective.
Comment:
done minimum expected 1250, now sustaining above 1270 can do a lot more till 1350
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