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.