Rising Broadening Wedge Target Met On CNX NIFTY

CNX NIFTY: Daily Review at Closing,

Weekly Chart

Daily Chart

Hourly Chart

Weekly review of Tata Steel Ltd : Fibonacci retracement, extensions, patterns.

• Tata Steel fell about 14.3% in this week, breaking major support near 433-435 levels.

• This support is broken via long black bearish candle with no shadows on the either side, indicators, bears had full control over bulls.

• Price trend along the down-sloping trendline.

• Horizontal support trendline is broken.

• Prices closed under 200 week sma, indicating intermediate term weakness.

• Stock was respecting previous top resistance turned as support at 433-435 from the past two months.

• Stock showed a bounce -off this support area  & retraced 38.2% of its previous down fall from 581-435.

• And found difficulty crossing this 38.2% ( 495) retracement resistance.

• Stock then traded in a narrow range ( 495- 485, 485- 458.) for about 5 weeks.

• Finally in this week , we had seen a breakdown from this trading range.

MCX :Natural Gas Charts Review

Idea Cellular Daily Chart as on 28th Nov & 8th December 2014.

Daily Chart as on 28th November 2014

Daily Chart as on 28th November 2014

Daily Chart as on 8th December 2014

Daily Chart as on 8th December 2014

Review of Tata Steel Charts

Monthly Chart

We had seen a Head  & Shoulder Bottom reversal pattern  & the breakout therefrom, on the monthly charts of Tata Steel.

And a pullback to the neckline (Level of  434 ) of H & S Pattern is also seen .

Stock managed to bounce -off from the neckline , faced difficulty to cross 490-495 levels.

It slipped again and trading sideways( range bound move movement )from the past 2 months.

The Trading Range is of approx 60 points.( 432- 490).  This range offers a major support zone for the stock.

Thus these levels are Important Levels to watch : 432 and 490.

Volume are considerable less during this range bound movement.

RSI of the stock is above level of 50.

Immediate supports are at 460 & 433.

Further support is at 400, 388, 342.











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Weeky Chart

Daily Chart