Tata Steel on a weekly chart, stock is making higher high and higher low pattern suggesting it has potential up move in upcoming trading sessions, indicate positive view.
Currently Stock price i.e. 258 is trading above the 20 SMA indicate stock is trading above the support line.
Stock price has bounce back from the level of 200 and we find a doubel bottom patterm, indicate stock price will extend its leg towards 268/314/385 levels.
Momenteum oscillator RSI is at 50 and moving towards northward direction, have more room left on upside, MACD is positive which is another positive oscillator.
Looking towards chart study and pattern, we suggest stock price will extend its rally towards 314, 385 levels, on the flip side 198 will act as a support level.
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