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Tata Steel forming 2B in Weekly & Daily

Discussion in 'Technical Analysis' started by ravirajpr, Oct 9, 2015.

  1. ravirajpr

    ravirajpr Responder

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    Seems Tata Steel is forming a nice 2B (double bottom) in Weekly & Daily chart.

    Do note as the pattern has formed in weekly chart it will take a longer time for price to move up.

    Just fyi 2B pattern are strong reversal pattern and occurs when the general sentiments of the Co is negative (attaching a sample chart of Ashok Leyland for reference purpose)
    This is just for reference purpose and not an advice to invest.
     

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    ravirajpr, Oct 9, 2015
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  2. shabbir

    shabbir Administrator Staff Member

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    Yes and 200 seems to be really really strong support that has been held.
     
    shabbir, Oct 12, 2015
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    hirenrachh likes this.
  3. hirenrachh

    hirenrachh Member

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    Great observation.,
     
    hirenrachh, Oct 22, 2015
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  4. ravirajpr

    ravirajpr Responder

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    Thanks Hiren.
    I may be a bit late in identifying the pattern as there is no screener to identify a perfect double-bottom pattern and has to be manually confirmed.
    Having said that 200 to 210 would have been a good price to take this trade as a pattern that forms in the weekly chart takes more precedence...this is just fyi.
     
    ravirajpr, Oct 23, 2015
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