Tata Steel--Bang on...Killer Top@384.50--Are we done?

8 thg 8, 2016

Just missed 390's...From the previous update--"Tata Steel--My Baby --Looking for 390's above 375"....As soon as it crossed 375...TS headed in the direction of 390's but fell short & made a top@384.50--which is similar top as on 6th May 2015--"The Killer Top"

The move from 199.70 -Sep 2015 low's to current highs till 384.50 was decent trending move--If at all TS has put a top@384.50--we shall see corrective recovery in the range 290--300 zone as the sweet spot for future buying...till March-May 2017....


Current Price--380

In current situation
Trading Strategy--We will look for a bounce in the zone 380--382 zone & Once TS kisses the zone & starts falling back again below 377.50 --we should take short with stoploss slightly above 385.


Regards,
Abhishek H. Singh, CMT