TATASTEEL is still bearish. On August 13, we were anticipating a break of its swing low of 148. Post the break of that, we were expecting a drop towards 140 in the near term. The stock dropped till 142 and then recovered.
Going forward, based on its geometrical angles of price and time, this low of 142 should break easily. The appropriate target on the downside would be at 138 in the near term and 125 in the slightly medium term.
Major resistance on the upside would be at 161. Significant time cycle dates would be on September 19 and 20, so do watch out for vibrations on these dates.
Analysis of TATASTEEL: A Bearish Outlook
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