HAD POSTED THIS CHART IDEA YEST BUT IT DID NOT POST SO RE-SHARING IT AGAIN
The stock went thru IBC and was taken over by the Tata Group. Market leader in auto grade steel. (Previously known as Bhushan Steel)
Its a proxy way to play high steel prices + revival of the auto sector as well.
The stock has crossed the 200WEMA after breaking out and is potentially forming a base here before its next move..
Long only above 47.75. Again SL marked slightly below the 200WEMA and short term support..so say 45.30.
If the steel cycle is to continue the stock could move up all the way to about 65.
The stock went thru IBC and was taken over by the Tata Group. Market leader in auto grade steel. (Previously known as Bhushan Steel)
Its a proxy way to play high steel prices + revival of the auto sector as well.
The stock has crossed the 200WEMA after breaking out and is potentially forming a base here before its next move..
Long only above 47.75. Again SL marked slightly below the 200WEMA and short term support..so say 45.30.
If the steel cycle is to continue the stock could move up all the way to about 65.
