TATA STEEL Consolidation pattern

• Tata steel Day is in a consolidation pattern and should give good direction soon.
• Daily charts are showing oversold indicator readings so a long trade is possible from the current levels with small stop loss.
• But the pattern looks similar to a Descending triangle which is bearish. So it is better to wait for the break to happen and then take the trade.
• Moving averages are getting ready for the death cross which is a bearish event. But going by the recent trend the Death crosses have given good rally for the bulls. So we have to wait and see what this one does. One thing is sure with 200 and 50 dma converging we should see volatility increasing.
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