TATASTEEL Market Structure analysis 9:30AM
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5m chart - 5m price trend turns in to a real downtrend as price breaks below the support at 573. But not much selling interests are coming. Seems like buying is coming in..
1m chart - 1m price breaks below the real sideways range and is consolidating, Sentiment remains bearish.
Since 5m is in a true downtrend, my primary trading bias will be on SHORT. But since bears lack conviction, I will better wait for some correction. yet to see if bulls shows strong buying hand and in that case I might look for counter trend reversal LONG. But that is yet to be seen.