Technical Analysis

Tata Steel reverses down from key resistance

Yoganand D | Updated on January 23, 2018 Published on May 17, 2015

The stock of Tata Steel tested the key resistance at ₹380 and reversed down last Tuesday. Over the past three weeks, the stock has been moving sideways in the band between ₹350 and ₹380. As long as the stock trades in this range, traders with a short-term view should tread with caution.

Though the short-term trend is up, the medium as well as intermediate-term trends are still down. To alter the medium-term downtrend, the stock needs to conclusively rally above the key resistance of ₹380. Such a rally will be bullish and take stock higher to ₹400 and ₹420 in the short to medium term. This will also give traders an opportunity to buy the stock.

But a decline below the current support level of ₹350 will strengthen the medium-term downtrend and pull the stock down to ₹340 and ₹330 levels.

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