TATA STEEL - UP FLAG

27 thg 4, 2021

Tata Steel was in a consolidation since 8th April 2021. The consolidation was preceded by an up rally. This formed a price pattern UP-FLAG on a daily chart. The price gave upward breakout on a daily chart and closed at Rs.978. I anticipate the price target of Rs.1,125 and suggest the stop loss at Rs.961 to be followed for the four daily candles starting from 28th April 2021. Thereafter, the profit booking/ exit decision should be based on a downward crossover of 26 EMA by 5 EMA.
NOTE: This is an attempt to predict future price movements. Investment decision based on this idea, if any, shall be solely at the risk of the investor.