TATA STEEL analysis

• TATA STEEL has been  down trend ever since it broke down from the big channel in its daily chart as i have shown in the first chart. And right now there is a continuation pattern developing here. Breakdown of 500 levels and a close below 500 will confirm that.
• Stock is in a trading range of 449 to 553. Right now the stock is moving down within this range.
• Since the stock is oversold the daily stochastic may give a buy signal by moving above 20% line, combine that with a short term trend line break in daily chart which may give a rally towards the top of the range. Those who are stuck in longs bought at the top of the range can use this to exit.
• Stock will not be positive unless it breaks 553 convincingly. 
• TATA STEEL INTRADAY LIVE CHART WITH EMA