Can I buy shares of Tata Steel now?
AVOID TATA STEEL FOR NOW
Tata Steel is currently trading at Rs.687. Its 52-week high/low stand at Rs 734.90/ Rs 366.05 made on October 30, 2017 and November 21, 2016, respectively. The stock is trading in an uptrend since September 2016. Considering the weekly time frame, the stock hit a double top at Rs 735 level and has reversed from there. The double top week had witnessed huge volumes with negative crossover in the overbought zone. The stock has been falling for two weeks thereafter. In case it reverses from the CMP or Rs 665 level, it has the potential to surge for an upside rally. However, confirmation of an upside is necessary, and hence, we suggest you to avoid for now and enter probably after it crosses Rs 720 level