Tatasteel
[1] 26-03-2013: High volume, narrower spread, closing on lows, down day
[2] 28-03-2013: Next day is up, closing on the days. There must have been professional buying on previous bar which has supported the price
[3] 01-04-2013: Narrow spread up bar. Sign of weakness?
[4] 02-04-2013: Up bar with higher volume and wider spread, closing on top. Bullish volume. Sign of strength
[5] 03-04-2013: High volume upthrust. Sign of weakness. Combined with previous bar, this acts as an upthrust over two bars.
[6] 04-04-2013: Price falls down sharply after upthurst. Volume has increased, and spread is also wider. Selling pressure is seen. But the price is also in a recent support zone. So me must wait and watch over next before we can tell if this bar is support or selling bar
[7] 05-04-2013: Prices do not fall. Therefore the volume contained in previous bar could be a type of stopping volume. A sign of strength.
[8] 10-04-2013: 10-04-2013: Seems like a test. But the volume is high, indicating that there is supply in the market. The low of this bar has penetrated below the low of the 28-3-2013 bar.
[9] 11-04-2013: down bar, high volume, wider spread. Is that professional selling? Is the support broken? We have to wait and watch
[10] 12-04-2013: Looks like a test. The volume is lower compared to previous bar, but still high in comparision to recent bars. This indicates that supply must still be there in the market and the smart money is bullish which can be seen as they are buying the supply and causing the bar to close in the middle
[11] 15-04-2013: Low volume, narrow spread down bar - is a sign of strength in itself. Also means no selling pressure, which is an indirect sign of strength.
[12] 16-04-2013: Next bar is up, spread is wider(not wide spread exactly), with increasing volume and closing on top. That is, the volume is bullish. Sign of strength.
[13] 17-04-2013: Upthurst? weakness? have to wait and watch over next few bars
[14] 18-04-2013: Prices do not fall after a suspected upthrust. So there is no weakness on the previous bar.
[15] 25-04-2013: Very narrow spread, volume has also fallen, closing in the middle. Weakness seen
[16] 26-04-2013: Price falls sharply after weakness is seen on preceding up bar. But volume is low.
[17] 29-04-2013: Low volume, narrow spread downbar. A sign of strength. Also confirms that there is no follow-through selling, which is also an indirect sign of strength.
[18] 30-04-2013: Prices hold well the next day. So weakness is ruled out. The bar looks like a test bar, the volume has increased, indicating that there is still supply floating in the market.
[19] 02-05-2013: Price trades in the same range of the previous bar. But the volume is low. On the previous bar, we had suspected that supply is still present around this price level. However, the low volume confirms that not much selling is happening at that price level. So the price is ready to move.
[20] 03-05-2013: Price moves up, forming a high volume, wide spread up bar closing on the high. The volume is bullish. If we consider this bar as smart moneys response to previous decipheration of absence of supply, it definitely means that they are bullish, buying the stock, marking up the price.
[21] 06-05-2013: 06-05-2013: An upbar, closing on the high. The spread is narrower and the volume is higher compared to previous bar. Is supply hitting the market? Sign of weakness?
[22] 07-05-2013: Up bar, high volume, very narrow spread. Definite sign of weakness.
[23] 08-05-2013: Price falls shaprly after we have seen weakness on previous bars. The volume is comparatively high, if not ultra high or higher. Sign of weakness.
[24] 09-05-2013: Price is trading mostly in the same range as of the previous bar. The price has not fallen, and the volume is low. Shows that there is no follow-through selling, or there is reducing selling pressure - an indirect sign of strength.
[25] 10-05-2013: Price trying to move up, but smart money not joining in and causing no demand.
[26] 11-05-2013: This was actually a very small trading session, not even a couple of hours. So this bar/volume is ignored.
[27] 13-05-2013: A sharp fall in price after we have seen some weakness in the background. There is a good volume attached to it. So is that professional selling - a sign of weakness? The price has also penetrated into an established support or professional buying zone. So it could also be stopping volume. But cant really tell, we have to wait and watch.
[28] 14-05-2013: 14-05-2013: This is a shakeout. There was a bad news on this day about this stock. We have seen supply hitting the upmoves on 06 May 2013. A shakeout could help remove this residual supply by forcing the weak holders to sell their stock right now!!!
[29] 16-05-2013: Up bar, still narrow spread and volume has also increased. The bar closes in the middle. Weakness? Does that mean that there is still selling in the market?
[30] 17-05-2013: Resembles a low volume successful test bar. But I am not sure if it actually such a bar. Anyways, it has traded in the same range as the previous bar and the volume is low. So perhaps, price is ready to move from this range.
[31] 20-05-2013: The price moves up but supply/selling comes in. Seems difficult to me to interpret this. We have a shake-out that was supposed to remove supply from the market. So where is this supply coming from? Are there any bears selling into upmoves?
[32] 21-05-2013: Price falls sharply, closing on the lows, but volume is low. That is, there is no determined selling pressure.
[33] 22-05-2013: Having a difficult time explaining this bar. Just dont get it, sorry.
Overall opinion - Bullish, but expecting shakeout, stop fishing. Not exepcting this to go below 292.50, save for stop fishing which may be at 290.