Tata Steel Limited (TATASTEEL) Stock - Complete Technical Analysis - Sep 03, 2024

Tata Steel Technical Analysis: Support, Resistance

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 is currently trading around 152, facing key technical and fundamental observations. Support levels are notably around 140.42 and 128.09, derived from classic pivot and Fibonacci points, while resistance is expected around 167.02 and 181.29. The stock's average directional index (ADX) indicates a strong trend, though the relative strength index (RSI) is currently in the neutral zone, suggesting potential consolidation. The MACD is below the zero line, hinting at a bearish phase, while the stochastic indicators and Williams Percent Range indicate potential for bullish momentum if the stock gains upward traction.

The stock's moving averages (MA) show a bearish alignment with the current price below key exponential and simple MAs, especially the 50-day and 100-day averages, indicating resistance levels that could cap short-term gains. The Ichimoku base line and volume-weighted average also suggest resistance around 155.65 and 151.7 respectively. Despite these technical indicators, the ATR reflects high volatility, suggesting potential large price swings. The commodity channel index (CCI) and ultimate oscillator both point towards a neutral trend with possible fluctuations in momentum.

Overall, traders should monitor the key support and resistance levels closely, watch for changes in RSI and MACD to gauge market sentiment, and be prepared for potential volatility due to the high ATR.