Price is moving upwards in wedge pattern with negative divergence with RSI and Volume indicate upmove rally is in matured stage...
Wait for reversal pattern at resistance area of 310-315...
it is just first indication of reversal on intraday... need to wait for 2nd confirmation. its very early to guess the reversal as steel is still bullish trend on hourly & Daily chart. need to look for reversal pattern here .... breach of todays high will invalidate our views.
As mentioned in the blog, Tata steel achieved target 315 and made high today 318 and reversed from these resistance level as expected.
ReplyDeleteit is just first indication of reversal on intraday... need to wait for 2nd confirmation. its very early to guess the reversal as steel is still bullish trend on hourly & Daily chart. need to look for reversal pattern here .... breach of todays high will invalidate our views.
ReplyDelete