February 5, 2013

TATASTEEL Breakout or Failure ?

The open was strong upward open drive from below Monday's low, but it developed value below Monday's Value area.

The day developed as balanced day. The reference point for breakout failure 401.50 was not tested today. It is relevant for Wednesday also.

The balanced day implies that odds favor a directional move for Wednesday. One possibility is test of 401.50 and emergence of sellers from there. Second is breakdown from Tuesday VA 399-396.80 and a down trend.

The open will dictate the course of action for Wednesday.


2 comments:

  1. Thanks Ed, For Good Plan n follow up.

    ReplyDelete
  2. SO far, Open is strong in TS...
    No Sellers seen @ 401-02 lvls
    ANd also Algo bars are seen on Buyers side..

    ReplyDelete