TATA STEEL - WEEKLY CHART REVIEW

Inverted Head and Shoulder Pattern was there on the Weekly charts of stock  and accordingly stock had shown remarkable rally from the level of 197 to 581, and has gained about 195%.

However Stock had gained about 35% from the breakout level and after touching the high of 581 , stock went into consolidation mode.

Stock had taken support at 23.6% retrace-ment of its previous rally from 197 to 581.

From the past 9 weeks stock is consolidating in range of about 80 points.

Introduction of Dow Theory

Introduction of Dow Theory

WHAT IS TECHNICAL ANALYSIS

Head and Shoulder Pattern is Visible on the daily charts of Reliance Communications Ltd

Weekly Chart

MARKET ACTION

Head and Shoulder Pattern is visible on the daily & Weekly charts, by looking at the price action , Breakdown from the Neckline of the Head and shoulder pattern [level of 125 ] could take the stock lower.
We have seen Breakdown from the H  & S Pattern, however volume didn't expand with it . 
Stock has good support around levels of 107, which is previous bottom support  & also the 50% retracement of its previous rally from 50.20 to 164.5

PROBABILITIES

After breakdown , should see how stock reacts at the support level of 117.
This level is important to watch because:

• A pullback to the neckline can be expected ,in case stock bounces from this level.
• A Probability of 5% pattern failure in case price went & close above the neckline on the pullback.

IMPORTANT LEVELS TO WATCH ARE :

• 125 ON THE UPSIDE
• 117 ON THE DOWNSIDE

Support Levels      : 117, 107, 100, 90.
Resistance Levels  :  125, 130, 140.

IDEA CELLURAR - FIBONACCI PRICE EXTENSION

Daily Chart

After the breakout from the consolidation range, Stock rallied and paused at the 1.272 price extension, and showed a minor decline, and resume the uptrend and went above 1.618 price extension since this was not surprising as stock consolidated for about five in a range of approx 25-30 points. 
It is likely that stock may continue is uptrend to the level of 175-178.

TVS MOTOR Weekly Chart - Previous Pattern identification

TVS MOTOR

NSE : ADANIENT

WEEKLY CHART