May 1, 2012
- Tata steel is trading in a range of 442 - 482.
- For bulls of Tata Steel price must sustain above 200 SMA and breakout above the resistance line shown in 2nd chart.
- 3rd chart shows Bollinger band contraction with reducing volumes. Volume spike and closing outside the band may give good direction.
- Last chart is the weekly chart with Bollinger band. Price sustaining above 20 Week SMA should favor bulls of Tata Steel.
- Gold weekly chart in a triangle pattern.
- Price is trading inside the weekly cloud. Price may continue in the direction of the breakout from the cloud. Price taking support at the base of the cloud shows a possibility of an upper breakout.
- Gold will be weak below 1623 and 1612 and strong above 50 day SMA.
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