April 1, 2013

TATA STEEL Trend update

  • Bullish engulfing and oversold status may lead to a bounce in Tata Steel. But price must break and close above the falling resistance line to confirm the bullish pattern.
  • One must be careful with longs as the stock is in strong down trend as can be seen from the second chart. Among the last 12 candles from 448 to 300 there was just one green candle and 11 bearish candles.

No comments:

Post a Comment