Tata Steel Elliott Wave Analysis

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 Tata Steel daily chart

Tata Steel hourly chart

From daily chart of T Steel, prices which were moving in a lower highs and lower lows has discontinued the formation as prices are above the falling black line. Price confirmation can only be obtained once it crosses above 420 levels. There can be some upside from current levels which can push prices near to that zone.

In hourly chart, the stock is moving in a rising channel formation and can move up as it is near to the support of the channel. The resistance for the stock comes to 400 as RSI has also relieved from over bought zone.

As per Wave theory, prices either have completed wave iv or it is still ongoing. If it has completed than wave v has to be a diagonal, if not then wave iv is ongoing in which double correction is about to unfold as wave x is still forming.

The summation is TATA Steel can move up near to 390-400 price range in near term with support at 361 (closing basis).

 

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