August 10, 2012

TATA Steel Update

  • Price staying below the broken trend line shown in first chart is favor bears to continue the down move.
  • Strong resistance at 50 Day SMA and  200 Day SMA.
  • Last chart shows a pennant like formation which is formed after a down move, So this can act as a bearish continuation pattern.
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1 comment:

  1. SringeshAugust 10, 2012 at 12:36 PM

    Dear San,

    Thanks for TISCO chart and comments. Can you please post ICICI Bank as well if time permits.

    Thanks,
    Sringesh

    ReplyDelete

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