Cup pattern is formed between January 2009 till April 2009 in Tata steel. The volumes during this period is low to avearge. Between april and may volumes are gradually increasing and making a new higher low. Breakout seen around 301 levels with a heavy spike in volume. Strong Bullish formation followed by an upside rally.
Tata steel cup pattern
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Stock Analysis
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Hi,
The cup pattern forms as a result of the buying power drying out. It doesn’t necessarily mean that sellers are stepping in either, or even if they do they lack the power to change the trend. The rounded bottom really shows the buyers are in control and thus new highs should be expected. The duration for CUP Pattern is 1 – 1.5 years as possible while during the rounding bottom, the volume is expected to be low as possible.