Tata Steel Stock Prices were in an excellent Uptrend. Overall, share prices have gained around 485% in a matter of less than 2 years. – But from the beginning of 2022, everything has changed!
When general market conditions became unstable, Tata Steel share prices began to witness a lack of upside momentum. As a result, the Structure of the Price Action completely changed from trend to range.
Right now, if we look at the weekly chart, we can see the clear shift that took place in the Market Behavior. Prices are testing the Support zone of the narrow range at 1075.
Tata Steel – Price Action Analysis on 1W Timeframe
Based on the signs we see on Price Action and Volume, it’s likely that Stock Prices are in the Distribution Phase. The Distribution phase is a spot where Big Players and institutions are likely to liquidate their positions. If you would like to learn more about the Distribution Phase, check out the link to my Video given below.
Since prices are testing the Support zone of the Range, a break below support could push the prices all the way to 850. In order to go higher, prices must clearly break and retest the Resistance zone at 1500.
Keep an eye on the Stock, as it might offer interesting opportunities for swing or positional traders in upcoming weeks.
