TataSteel- Bounce to kiss the trendline in 4th Wave

15 Sep 2016

Usually it happens that Post breakdown -In this case a rising trendline RT was broken by TataSteel -Made a low@363.15 & did a bounce to kiss the same trendline which was broken earlier.
Double brackets for circled roman numbers

This trendline could offer resistance to Tata Steel & If prices go below 369 -that would really indicate that TS is in the final leg of the fall from its highs@408.50

Trading Strategy- We shall get our first clue when this "((iv))-wave" taking support of the rising trendline gets broken & prices go below 469 shall be second clue- for confirmation of "((v))-wave" has started.


Regards,
Abhishek H. Singh, CMT

15 Sep 2016

Dagangan aktif

10:40 Hrs-IST-15th Sep2016

Bang On Tata Steel- for the big candle down