analysis

Date	Open	High	Low	Close	Total Trd Qty
01-Jun-07	1364	1385	1356	1378.9	1908666
04-Jun-07	1400	1418.4	1390	1406.4	2182423
05-Jun-07	1400	1444.85	1393	1436.5	1808672
06-Jun-07	1445	1454	1381	1389.5	1857287
07-Jun-07	1382	1401.9	1353.25	1360.65	2148431
08-Jun-07	1331.3	1387	1321.3	1356.6	2037482

Analysis: Bullish engulf find pattern form in a down trend. The price trend of Tatasteel was down in the previous time period. above the OHLC data is given for reference.

From the above OHLC data if you observe on  19th June 2007 the high is higher than the 18th June 2007 high and 19th June 2007 low is lower than the 18th June 2007 low and the 19th June 2007 closing is higher than the opening which forms a white candle and confirms the formation bullish engulfing pattern.

Pattern breakout: on 19th June 2007 the high to low price range is 617-585=32 price units. The 78.6% (i.e. the Fibonacci retracement ratio) of the price range is 25. The pattern breaks out will happen at a price of 617 +25= 642.  As long as the price maintain below this price one can assume that that the throwaway can happen at any stage.