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Tata Steel – Look for Price action setup in the channel

Tata steel might offer a potential price action setup for swing and positional traders. Market participants should keep an eye on decision point at 600, any pattern or opportunity must form in the context of decision point itself. Analysis is on weekly chart; resulting structure or formation can be traded on both daily and weekly time frame.

Tata steel might offer a potential price action setup for swing and positional traders

Prices are trading in a channel structure since 2016, I have highlighted several times about this Market structure in previous articles. Though the channel is moving upside, market sentiment still remains random, both buying and selling pressure is offsetting each other. It technically indicates temporary equilibrium conditions which is favorable for mean reversion trading. We can look for either breakout or range trading opportunities in the channel.

Prices are near decision point 600 (It’s also a psychological round number). Market bias and sentiment depends on how prices are going to behave at this decision point. Since present conditions are favorable for mean reversion opportunities, we must wait for pattern formation and take trades according to developing structure. Keep Tata steels on your watch list for coming days.


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About the Author:

Balaji is a Speculator, Investor and Trader (All in All!!!) and self published author. Trading in the Markets since decade, have seen more ups and downs along with institutional trader's lifestyle. He usually trades Nifty, Bank Nifty, Commodities, Futures cum Options around both Indian and global Markets. Balaji applies highly analytical and systematic Price Action strategies He blogs passionately about Trading strategies, Price Action Trading, Technical analysis, Macro events, Market setups, Financial and Economical topics. Apart from Trading and Blogging, Balaji also mentors aspiring Traders and Investors on becoming successful in highly competitive financial Markets.

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