Tata Steel Technical Chart | 19-Nov-2011
Below is the technical chart of Tata Steel, listed on Indian stock exchange, with Ichimoku Kinko Hyo indicator. I've used weekly time frame here.
On 25-Feb-2011, Tata steel closed below kijun-sen line, at 606.85. That was the first signal of its weakness and opportunity to exit from long positions. For next weeks, it managed to get support on kumo, but traded below kijun-sen line. Then on week ended on 20-May-2011, it CLOSES below kumo and that was strong bearish breakout. It tried to cross kumo later on, but failed; and from there it started its downward journey. Yesterday, it closed at 391.40. Still, there is not even a single positive sign to take long position here.
One should buy this stock, if it manages to CLOSE above kijun-sen line, at least. And that level is currently @501.50. Please note that this figure will change in coming weeks and you should take kijun-sen line in account and NOT this figure. To see charts on Ichimoku indicator and to watch kijun-sen line, you may refer to our technical charts section given at http://www.investmentkit.com/dodacharts/stockmarketchart/showchart.shtml
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