TATA STEEL Weekend update

CLICK THE CHARTS TO ENLARGE

• Tata Steel gave a good buy when it broke the trend line in daily chart as showing in the first chart. Stochastic too gave a buy signal.
• Now the stock has given a good up move. my target was 553 the recent high as shown in the first chart.
• If the stock moves above 449-553 and closes above 553 fresh long positions can be taken.
• Stock continues to be positive closing above all major moving averages. 
• But staying below the range of 449-553 will attract the bears as well.
• PREVIOUS ANALYSIS OF TATA STEEL
  

See this chart in a mirror

IN REALITY A BROADENING PATTERN

BUT REVERSE THIS, TO SEE A CONTINUATION TRIANGLE BREAKDOWN

• In reality this is a broadening pattern but if you see this in a mirror this becomes a classic triangle breakdown. a retest of the breakdown area and a big correction.
• So if this is a continuation pattern this should continue towards the upside.
• Well the patterns always does not perform the way it is defined, so see what's happening and then take a decision. I am just trying to show how the patterns show up in charts time and again.

S&P 500 end of day analysis

• S&P 500 reversal from 1039 to the recent high seems to be happening in faster time scale. which is indicating the strength of the up move, It is also indicating the possibility of a new high in the near future for this index.
• Index has closed above 20 and 50 DMA convincingly. It is approaching the 200 DMA now. The next battle between the bulls and bears might take place around here. But seeing the strength of the current up move 200 DMA should be taken out easily.
• FORD MOTOR CO WEEKLY CHART TRADING IN A TRIANGLE
• AT&T NEAR BREAKOUT AREA