[Premium] Trade Of The Week

Metals have been finding it difficult to hold on to their support zones and here we have the leader giving up on those levels.

Tata Steel has finally breached the support zone of 1,050 after holding on to it for more than a year. The price corrections over the past year halted at this level, but with the market growing more volatile every day and metals moving into red territory, this was almost waiting to happen.

The indicator has dipped lower as the market's bear hold on metals continues to play out.

As long as the price trades below 1,050, the next level to track would be 930.

We are bearish below the risk management level of 1,050 with a target close to 930.

Click on the chart to zoom in.

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Allstarcharts Team