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Monday 11 February 2013

Tata Steel–Critical Supports Broken–Short on rise

Tata Steel was on a continuous downtrend for the past several days. It had broken 399-400 range convincingly and now 390 range. Every attempt of the stock to rise will be a short going forward. Trade accordingly.
Weekly Chart Observations
Stock below 20 and 50 MA
SSTO gave negative cross over and sloping dowwards.
RSI pointing downwards. RSI could go to the support zone of 30.
Sharp corrections could take the stock to 382 and then 360.


Daily Chart Observations
Stock below 20 and 50 MA
20 MA bearish crossover 50 MA
MACD, RSI and Stochastics negative.
Fast Stochastics pointing up, possibility of small bounce back.
Overall stock is negative and could go down further.



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