It has been over a month I was tracking TATA STEEL and I was successful tracking the down channel. Today I am back to Tata steel, saying I am willing to see a reversal at 350 or so. Tata steel is having a “Potential Resistance” at 440. Imagine if Tata steel manages to fill the gap catch old trend line it is aswm(A nice dream) ;) … But from last few months steel industries are not good for investment and seems market may recover at next march. Not only Tata most of the steel sector have gone down.
I have an another theory where I feel market may even struggle to reach +3% and tumble down breaking the trend line what I have shown. Parabolic SAR and MACD are quit neutral so I feel quit nerves to come with a clear decision. But RSI is giving a buy single.
It is better to wait and watch when Tata steel reaches 350.