- Last chart the monthly time frame shows price in contraction. It should move one way or the other. If price holds 195 levels a reversal is possible. One can wait for a monthly bullish candle to confirm the medium term reversal. If 195 does not hold then its more bad news for the long term holders of Tata Steel.
- NIFTY Weekend update
August 30, 2015
- Weekly chart shows price moving below the neckline but bulls managed to take it back into the pattern again. Bears need a close below the weekly cloud and the neckline of the head and shoulders pattern for bigger falls to follow.
- Bulls will face resistance in the GAP and the crucial moving averages shown in the last chart.