Tata Steel Limited (TATASTEEL) Stock - Complete Technical Analysis - Sep 16, 2024

Tata Steel Stock Analysis: Key Support, Resistance & Technical Indicators September 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Tata Steel Limited (TATASTEEL) is currently trading at 154.21, marking a 16.46% dip from its 52-week high of 184.6. The stock has also risen 34.56% from its 52-week low of 114.6, indicating some strong recent performance.

Technical Indicators:

MACD: The MACD is currently negative, suggesting bearish momentum, but it's worth monitoring for potential shifts in trend.

RSI: With an RSI around 52, Tata Steel is in neutral territory, indicating neither overbought nor oversold conditions.

ADX: The ADX is strong, reflecting a robust trend, but without specific details, it's important to watch for any potential trend changes.

Stochastic Oscillator: The stochastic %K is above 60, hinting at a positive short-term outlook. However, the stochastic RSI is in the upper range, suggesting the stock might be overbought soon.

Moving Averages: The price is currently below most of the long-term moving averages (50-day, 100-day, 200-day), signaling a potential downtrend. However, it's above the 10-day and 20-day averages, indicating short-term support.

Ichimoku Base Line: The price is above the Ichimoku Base Line, showing a bullish trend in the medium term.

Volume Weighted Moving Average (VWMA): The stock is near the VWMA, which could act as a support level.

Support and Resistance Levels:

Support: Key support levels to watch are around 140.42 and 128.09 based on classic pivot points.

Resistance: Important resistance levels are near 167.02 and 181.29.

Chart Patterns and Observations:

Pivot Points: The current price is close to the classic pivot point of 154.69, suggesting it might face resistance or support around this level.

ATR: The Average True Range (ATR) indicates significant volatility, with values fluctuating widely. Traders should be cautious and look for potential price swings.

Overall, Tata Steel's technical outlook shows mixed signals with strong trend indicators but also potential overbought conditions. Traders should watch key support and resistance levels closely and monitor the stock's movement relative to its moving averages for further signals.