Hedging opportunity (bullish spread) in TATASTEEL

24 Mar 2022

It seems like TATASTEEL is going through accumulation phase, ready for a big move. There is a strong support at 1250 so breakdown of that level will not be easy. if the desired move come then 1500 will be a easy target.
Reasons behind this speculation

• bullish flag pattern follow by W-shaped (modified head and shoulder pattern) recovery
  
• Metal prices have shot up in past one month. cool off period will be a boost for the Steel industry
  
• Big volume in bullish candles compared to bearish ones indicating less profit booking/long covering compared to long-build up.
  

TATASTEEL

24 Mar 2022

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