Technical Analysis view on TISCO & TELCO

[Mohan]

Technical Analysis view on TISCO & TELCO

Can anyone give me a technical view of TISCO & TELCO? I hear that it has to cross a certain level to get bullish. Is it worth buying now or waiting for a breakout (as they say in technical analysis)?

Thanks in advance.

 

[Traderji]

Technical Analysis view on TISCO & TELCO

Can anyone give me a technical view of TISCO & TELCO? I hear that it has to cross a certain level to get bullish. Is it worth buying now or waiting for a breakout (as they say in technical analysis)?

Thanks in advance.

Both TISCO & TELCO seem to be forming interesting technical chart pattern.

TISCO seems to be forming an ascending triangle pattern with 305.50 as its breakout level. One can BUY on a close above this level.

Similarly TELCO (Tata Motors) needs a breakout above 440.00 to confirm a new intermediate uptrend.

 

[RajK]

TISCO BREAKS OUT

Looks like TISCO has broken out of the resistance level of 305.50 Good BUY now??

 

[Traderji]

TISCO BREAKS OUT

Looks like TISCO has broken out of the resistance level of 305.50 Good BUY now??

Sure, one can BUY now with 300 as a stoploss.

 

[tamilselvan]

hi

tisco is in its oversold region. it will bounce back to test 420 shortly.
enclosed graph analysis for your reference

 

[Saint]

hi

tisco is in its oversold region. it will bounce back to test 420 shortly.
enclosed graph analysis for your reference

Hi Tamilselvan,

Steel sector is the one sector that looks especially weak on the charts......so careful on your moves.TISCO has formed what looks like a double top on the weekly and the monthly.A break below 330 is confirmation of the double top,and it's not going to see its highs for qauite some time to come.Bearish divergences on the RSI weekly,the stochs still far from oversold........the stock is in a strong bear hug!

Careful...........it may bounce,but we are not going to see it back to its highs for some time,.......at least not before much more correction happens.

So,if not in,stay out of it..............

All the best!!
Saint

 

[ragh_ash]

Hi Tamilselvan,

Steel sector is the one sector that looks especially weak on the charts......so careful on your moves.TISCO has formed what looks like a double top on the weekly and the monthly.A break below 330 is confirmation of the double top,and it's not going to see its highs for qauite some time to come.Bearish divergences on the RSI weekly,the stochs still far from oversold........the stock is in a strong bear hug!

Careful...........it may bounce,but we are not going to see it back to its highs for some time,.......at least not before much more correction happens.

So,if not in,stay out of it..............

All the best!!
Saint

hi saint,
how do we make out a double top now?
and u said in previous posts that there should be atleast 1 month gap , pl do explain
regards

 

[Saint]

hi saint,
how do we make out a double top now?
and u said in previous posts that there should be atleast 1 month gap , pl do explain
regards

Hi ragh_ash,

When we say double top,the price need not stop at that same price and turn around.....so taking TISCO,we have a high of 446 and a close of 440 on March 16th.Then we have a high of 436 on Oct 4th.So we have prices stopping around the same area,we have a gap of nearly 7 months in between,making it more potent.So is it confirmed then?Nope,not unless we have a break of 330.Breaking 330,we have a confirmed double top........and lots of ugliness!!

Saint

 

[avinash]

Hi Tamilselvan,

Steel sector is the one sector that looks especially weak on the charts......so careful on your moves.TISCO has formed what looks like a double top on the weekly and the monthly.A break below 330 is confirmation of the double top,and it's not going to see its highs for qauite some time to come.Bearish divergences on the RSI weekly,the stochs still far from oversold........the stock is in a strong bear hug!

Careful...........it may bounce,but we are not going to see it back to its highs for some time,.......at least not before much more correction happens.

So,if not in,stay out of it..............

All the best!!
Saint

Spot on,Saint.........TISCO is looking more and more ugly by the day!

Avinash

 

[Saint]

Hi ragh_ash,

When we say double top,the price need not stop at that same price and turn around.....so taking TISCO,we have a high of 446 and a close of 440 on March 16th.Then we have a high of 436 on Oct 4th.So we have prices stopping around the same area,we have a gap of nearly 7 months in between,making it more potent.So is it confirmed then?Nope,not unless we have a break of 330.Breaking 330,we have a confirmed double top........and lots of ugliness!!

Saint

Wow TISCO is now sitting at a major monthly pivot low.It's closed today at 332,wonder how this behaves on Monday which happens to be the last day of the month.A close around here will be the lowest monthly close after June 2005.A close around here will give us an M-top,or a double top on the monthly.........which is bearish.

A clear cut breakdown from 330 is confirmation of a top.One can go so far as to say that if this happens,TISCO is no more in a corrective phase,but in a bear market.The bull run from 2003 is over.So too with SAIL.

Not trying to scare the living daylights out of anybody............but that's how it looks in TISCO and SAIL,and most other midcap steels.

Sincerely hope that I am wrong,though.

Saint