May 15, 2010

TATA STEEL DAILY CHART

TATA STEEL DAILY CHART - II


  • TATA STEEL is showing down trend in daily chart.
  • It is close to its support zone at 520.
  • The daily MACD is showing a positive divergence developing.But the down move may not have ended. The stock may test 520 levels before bouncing back to break the down trend line.
  • If the down move from 540 levels to 520 levels is accompanied by the developing positive divergence we can take a long trade from 510-520 levels with 500 as stop loss.
thank you
IDFC WEEKLY CHART
IDFC WEEK IN A TRIANGLE

  • IDFC weekly chart is in a triangle.
  • 178-180 region is a big hurdle for the stock to cross.
  • for now the stock will move in a range of 150-170.
  • Break out traders should wait for the Triangle break which  will give better trade in this stock.
  • Short term players can use the triangle bottom line and resistance line to trade.

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore