Tata Steel Breaking Out Trending Channel

8 Eyl 2016

Tata Steel ranging and trading in a uptrending channel as marked with Purple on chart. I believe today's closing shall determine further movement of price action in it. If the price action closes above 406 levels then we might see further rally as buyers confirmed strength and pressure and shall take prices further up. In case it closes below 404 levels then we might see profit taking next day that might take down the price litte lower before a solid breakout on either side.

I believe it shall break above the trending channel as CNX Metal also looks bullish.