Tata Steel Elliott Wave Analysis

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 Tata Steel daily chart


Tata Steel hourly chart

As shown in the daily chart, the metal stock has shown strength from the support of 600-610 where the horizontal line is drawn. Also it is very visible that, prices have closed above both the moving averages without giving a bearish crossover. As far as higher highs and higher lows are intact, prices will continue to move in a positive direction and in this case it will cross its previous high. Daily RSI has crossed the center line from below thus giving buy signal.

In the hourly chart, price has corrected from the recent high and is all set to soar in further sessions after bouncing from support area. However, RSI is in overbought terrain and there are high chances it might relieve from the overbought territory which can drop prices lower. Once it corrects or moves sideways it can then be bought.

From Waves perspective, the stock is moving in wave 5 after possibly completing wave 4 lower. This means that in wave 5 prices will cross its previous high of 720 and mark new one.

The summation is Tata Steel is moving in a positive territory and can reach till 735-745 price zone going ahead with support at 640 (closing basis).


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