Tata Steel Breaks Major Resistance — Cup Completion Signals Trend Expansion 🔩📈

Technical + Fundamental View (Weekly Chart) Elliott Wave Structure: Tata Steel appears to have completed a large Wave (4) corrective phase that unfolded as a rounded, time-consuming base. The recent decisive move above the neckline zone confirms the early phase of Wave (5). Given the depth and duration of the correction, Wave (5) has the potential to extend toward the ₹215–230 zone, aligning with higher-timeframe wave symmetry. MACD Momentum Insight: Throughout the rounding base, price made lower or flat lows while MACD consistently formed higher lows, indicating a bullish momentum divergence. The breakout is now supported by fresh positive momentum expansion, suggesting that upside strength is no longer purely technical but momentum-backed. AVWAP Confirmation: Price has reclaimed and is sustaining above the AVWAP anchored from the previous major distribution zone (~₹185). This level had capped rallies multiple times in the past and is now flipping into a strong demand-supported base, reinforcing the validity of the breakout. Structure & Price Behavior: The cup-like structure highlights institutional accumulation over time rather than panic buying. Breakouts from such formations typically result in smooth, trending advances rather than sharp, unstable spikes. Fundamental Strength: Tata Steel continues to display fundamental resilience, supported by: Improving operating efficiency and cost control Gradual balance-sheet strengthening Benefiting from infrastructure-led steel demand and cyclical recovery