Well Tata Steel, one of the Popular Tata companies apart from TCS, Tata Consumer Products and Tata Motors is showing some interesting Price Action.
After a Downtrend and a persistent sell off from 124 to 102, the stock prices are now testing the resistance zone at 108.
Take a look at Price Action Analysis over here…
Tata Steel – Price Action Analysis on 4h Chart
Price Action is retracing back after testing the Resistance zone. Uninformed traders are likely to be trapped by the recent market behavior.
Overall the stock prices are highly co-relating with the general market sentiment and Nifty 50 movements.
Volume is staying in the neutral territory and not showing any important signs so far, when compared to Price Action.
Neither the volume shows any significance of Big Players or strong order flow. To learn more about Volume Analysis and find high probability trades, checkout the Video given below.
Given all these viewpoints, I am expecting the Tata Steel to stay in a Range for some duration, unless and until we see a sharp movement on either side.
What do you think about this Stock? Let me know in the comments!
