NSE TATASTEEL - Unfolding Impulsive Cycle

Timeframe: 4h
In our previous article, we discussed a bullish scenario that was anticipated following a breakout of resistance. However, the market failed to meet this expectation, favoring the bearish trend instead. On August 14, 2024, the price hit a new low of 142.35 and subsequently rebounded with a V-shaped recovery.

Currently, the price is trading below the 100-day and 200-day EMAs. The Average True Range (ATR) has decreased to 2.48, and the Average Directional Index (ADX) has dropped to 27.91. For NSE TATASTEEL, wave 5 of wave (c) reached 142.35 and has since begun to rise. Despite this, the bullish scenario still faces resistance in the zone, as wave (C) has extended 1.618 times the length of wave (A).

A successful breakout above this resistance zone would indicate the potential for new highs, with targets possibly extending further. Traders can consider the following targets if the breakout occurs: 162 – 171 – 185+. The setup remains valid as long as the price does not make a new low.

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