- Monthly candle did gave a possible reversal formation last month but there was no price follow up for bears. Similar pattern shown on left hand side worked well for bears. For now bears need to stay above 123 and 121 levels for bigger falls to happen.
- Week shows a broad range between 121 and 134 levels.
- Daily chart on closing basis price contraction in an ascending triangle pattern. Closing outside these lines may give good direction.
- EURUSD Chart analysis
May 31, 2015
May 30, 2015
May 29, 2015
- First chart shows the weekly time frame. Price continue to create lower lows and if 311 is not held on closing basis more trouble for Tata steel bulls.
- Next two chart shows price breaking below crucial levels in daily time frame. No strength for bull till price stays below 333 level.
- PREVIOUS UPDATE ON TATA STEEL
May 28, 2015
May 27, 2015
May 26, 2015
May 25, 2015
May 22, 2015
- 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.