Turn Around Tata Steel

Tata Steel:- Tata Steel Has been in the Down Trend since the Starting of 2018 since then it has been moving down, following Lower High Lower Low formation.

Last year it has taken the support of around 320 which was the resistance previously. At this level is has formed DOUBLE BOTTOM Pattern(Bullish Reversal Pattern) and moved higher.

By connecting the lower highs and lower lows we will get a falling channel on the chart, which is also a bullish reversal pattern. Now the stock has moved out from the falling channel with extremely high volumes.

At lower level 20/50/100 and 200 EMA is proving support to the stock. 20 and 100 EMA crossover has already been done. This Crossover signifies that the stock has started its uptrend.

We have also found a Bullish Wolf Wave Pattern on the Chart. That signifies the change in the trend of the stock.

Momentum Indicators are slightly overbought that indicates a pullback in the short term. The Nifty Metal index also has some Bullish development that indicates the sector is now changing its primary trend to Up Trend.