August 26, 2010

Tata Steel breaks support line

  • Tata steel line chart looks bearish as the stock has broken down from a channel.
  • This can also be a bearish flag pattern in daily chart.
  • Below 500 tata steel stock will face selling pressure.
  • If the bulls need to come back the stock should trade convincingly above 510. Then the pattern will become a busted pattern which can give a rally on the upside.
  • For now any rally will face resistance at 510. Below 500 bears will be very safe to hold on to their short positions.
  • LIVE INTRADAY CHART FOR TATA STEEL

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