Hello and welcome to this analysis on Tata Steel
After a long correction which lasted more than 7 months, in FEB the stock gave a vertical recovery rally. The rally ended with a diagonal indicating signs of short term exhaustion.
Earlier this month we saw the diagonal breakdown and today we are witnessing more selling pressure in it.
It could continue this decline till 1250 as long as it fails to move above 1320.
Medium to long term stock remains bullish. Short term weakness might continue
After a long correction which lasted more than 7 months, in FEB the stock gave a vertical recovery rally. The rally ended with a diagonal indicating signs of short term exhaustion.
Earlier this month we saw the diagonal breakdown and today we are witnessing more selling pressure in it.
It could continue this decline till 1250 as long as it fails to move above 1320.
Medium to long term stock remains bullish. Short term weakness might continue
Trade closed: target reached
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