TATA STEEL TAKING A DIP TO ITS DEMAND ZONE
アップデート済
Detailed Analysis of Tata Steel Chart
Sector: Steel
Signal: BUY
Logic below:
TECHNICAL VIEW
- The price is currently above all the key moving averages, which typically indicates an uptrend. However, it is worth noting that the price is very close to the 50-day EMA, which can act as a dynamic support level.
Volume: 40.165M | Average Volume: 26.832M
The recent trading volume is significantly higher than the average volume, indicating increased investor activity. The presence of large red volume bars suggests higher selling pressure recently.
Relative Strength Index (RSI): 44.37
The RSI is below the neutral 50 level but above the oversold threshold of 30, suggesting that the stock is neither overbought nor oversold but is leaning towards a potential buying opportunity if it dips further.
Moving Average Convergence Divergence (MACD)
- MACD Line: 0.71
- Signal Line: 0.65
- Histogram: 0.08
The MACD is positive, but the histogram shows diminishing momentum. This could indicate a potential bearish crossover if the MACD line crosses below the signal line.
Key Levels
Support Levels
1. Immediate Support: ₹171.53 (50-day EMA)
2. Next Support: ₹170-168.80 (highlighted zone)
3. Strong Support: ₹150.69 (100-day EMA)
Resistance Levels
1. Next Resistance: ₹177.25
2. Strong Resistance: ₹183 (supply zone)
Buy Recommendation
Based on the current technical setup, buying Tata Steel near the current price level of ₹171.80 can be considered if it holds above the 50-day EMA of ₹171.53. The RSI and MACD suggest some caution is warranted, so a slightly lower entry point could be more favourable.
Suggested Buy Level
Buy Level: ₹170 - ₹168.75 (ensure the price holds above the 21 EMA)
Stop Loss (SL)
Stop Loss: ₹166 (just below the highlighted support zone)
Target Levels
1. Target 1: ₹177.25
2. Target 2: ₹183
3. Target 3: ₹195 (Fibonacci level)
Conclusion
Tata Steel is currently near a critical support level around its 50-day EMA. If the price holds above this level, it could provide a good buying opportunity with a favourable risk-reward ratio. Monitoring the volume, RSI, and MACD for any further bearish signals is crucial before entering a trade.
Summary
Buy Level: ₹170 - ₹168.75
Stop Loss: ₹166
Target Levels: ₹177.25, ₹183, ₹195
Sector: Steel
Signal: BUY
Logic below:
TECHNICAL VIEW
- The price is currently above all the key moving averages, which typically indicates an uptrend. However, it is worth noting that the price is very close to the 50-day EMA, which can act as a dynamic support level.
Volume: 40.165M | Average Volume: 26.832M
The recent trading volume is significantly higher than the average volume, indicating increased investor activity. The presence of large red volume bars suggests higher selling pressure recently.
Relative Strength Index (RSI): 44.37
The RSI is below the neutral 50 level but above the oversold threshold of 30, suggesting that the stock is neither overbought nor oversold but is leaning towards a potential buying opportunity if it dips further.
Moving Average Convergence Divergence (MACD)
- MACD Line: 0.71
- Signal Line: 0.65
- Histogram: 0.08
The MACD is positive, but the histogram shows diminishing momentum. This could indicate a potential bearish crossover if the MACD line crosses below the signal line.
Key Levels
Support Levels
1. Immediate Support: ₹171.53 (50-day EMA)
2. Next Support: ₹170-168.80 (highlighted zone)
3. Strong Support: ₹150.69 (100-day EMA)
Resistance Levels
1. Next Resistance: ₹177.25
2. Strong Resistance: ₹183 (supply zone)
Buy Recommendation
Based on the current technical setup, buying Tata Steel near the current price level of ₹171.80 can be considered if it holds above the 50-day EMA of ₹171.53. The RSI and MACD suggest some caution is warranted, so a slightly lower entry point could be more favourable.
Suggested Buy Level
Buy Level: ₹170 - ₹168.75 (ensure the price holds above the 21 EMA)
Stop Loss (SL)
Stop Loss: ₹166 (just below the highlighted support zone)
Target Levels
1. Target 1: ₹177.25
2. Target 2: ₹183
3. Target 3: ₹195 (Fibonacci level)
Conclusion
Tata Steel is currently near a critical support level around its 50-day EMA. If the price holds above this level, it could provide a good buying opportunity with a favourable risk-reward ratio. Monitoring the volume, RSI, and MACD for any further bearish signals is crucial before entering a trade.
Summary
Buy Level: ₹170 - ₹168.75
Stop Loss: ₹166
Target Levels: ₹177.25, ₹183, ₹195
ノート
Well, that didn't age well. No bullish or green candles formed at our level.
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