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Tata Steel

16 Jul 202005:05 AM

Value Wave investment update

Tata steel broke out from bottom triangle pattern in the month of May. After its 1st wave up prices consolidated in wave 2 and it keeps looking like the 3rd wave is starting however the momentum has really not picked up so far. ISIS continue to trade above the 20 day moving average with small ups and downs and today intraday we touched the 20 DMA once more at  ₹ 330. I have currently presumed wave 2 at the 312 bottom however while making a correction after news the lowest point that price reached which is at 300.

Here is what the Fibonacci calculator tells us. Wave 2 61.8% was at near 296 so we almost got that. And wave 3 is 400 upward depending on the size of the extention.

           
Wave 0 1 % 2 - 0.618 2 - 0.50
  263 350 0.33 296 307
           
Wave 2 % 3 - 1.0 3 - 1.618 3 - 2.618
  300 -0.14 400 463 563
           

tisco 160720

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