Thread by @PAVLeader

Mujhe aisa kyu lag raha hai ki #TATASTEEL ne aaj tank full kar liya long drive ke liye 🏎️🏎️🏎️

#TradeWithPAL

Ok. Here is the 15m chart for your review. Let me know what do you make out of this? I will explain my view later...

Remember, it is bouncing back from its 52W lows & recently faced a lot of supply in 480-482 zone.

Here is my view -
1. After 52W low it bounced back on 30Jan with good vol & bullish candle
2. Next day it closed abv EMA21 but small candle
3. 1st Feb is made a weak Doji (possibly profit booking by people who got stuck from higher levels)

4. Today profit booking continued but all selling is absorbed by the smart money around 453-455 levels.

Note: Bulls candles with high volumes, bear candles with relatively low volumes shows buying pressure

It might consolidate in range of 460-480 before making an upmove. Safe buy could be above 483 for 500-520-540 levels. 500 is immediately supply zone so it will halt there before moving further up. Today bears were trapped & there may be a reason behind.

View negated below 460

How many of you were able to pick low risk entry in #TATASTEEL today? It behaved exactly the way written above. Pullback to 460 zone was done yesterday & after that no look back. Typical text book #priceaction pullback after heavy volume daily bar from the lows. 500CE got double!

This is a perfect example of supply & demand zones concept which I shared with you all. Simple things work really well. All you need to do is - PRACTICE & PATIENCE to wait for trades in your zone & then based enter based on price action reversal candlesticks & ride. Simple!

#Tatasteel continued its upside & in today's volatile market as well it rose & made a high of 491.4 and closed towards the high.