September 30, 2015

TATA STEEL technicals on different timeframes

Trend is down on daily charts. Close above 245 will be bullish.



Trend is down on weekly charts. There is no visually obvious "buy above" level.

Note support around JUL 2013 lows.


On monthly charts, there is no buy signal and trend is still down. However, major supports can be seen around 195 and then 135 levels.

The stocks is incidentally a non performer in the last 8 years.


Disclaimer: I have a covered call position from AUG. Position is hedged with long position in cash.
This trade implies I see limited downsides in this stock - this does not mean I am bullish.

Visit http://www.vfmdirect.in/2015/09/option-writing-trade-in-tatasteel.html for more info.

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