Tata Steel – Short Term Correction on the Cards?

  • by THO
  • 3 days ago
  • news
  • 1

After consistently climbing for one and a half-year, all the way from 250 to 1500, the Stock prices of India’s biggest steel company is finally taking some rest. If you look at the Daily time frame of Tata Steel (NS:) Stock Prices, you can notice that Prices are retracing from all-time highs of 1500.

Right now the Stock Prices are trading at somewhere around 1170.

Price Action Analysis of Tata Steel on 1D Chart

The current move looks like a Short term correction in Tata Steel Share prices. So far the shares have fallen around 23%. If the Selling Momentum continues further in the stock, we can expect more downside in the upcoming weeks.

Talking about important Key levels, the potential support zone is at 1100 and 1000. The Crucial resistance zone is somewhere around 1250 and 1300.

In Order for the Stock prices to go further upside, we need to see a clear break and retest at the Resistance zone. Likewise, once we see a breakout at the support zone, prices could go even lower.

Traders should keep an eye on the Price Action on 1D Chart and take positions accordingly.

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