May 22, 2015

TATA Steel Chart update

  • Tata steel bearish price action. Staying below 50 day SMA will continue to favour bears. Next level to watch is 333. Minor strength if price is able to get back and close above 50 day SMA. Bigger falls possible if 333 is not held.
  • Weekly candle looks bearish. Bulls need to change the structure of the candle but they have only one session. Price if closes at the current levels or lower will lead to more falls in the coming weeks. 
  • Chance for bulls to come back is above 351, More strength for bears below 333.

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