Tata steel a Short sell results ahead

Tata steel has been a star performer during up move in the market till last month. It has given ample of opportunities to traders while buying at lower levels of 440 and offloading around 475-480. Now it has become a story of past . Today results are due for Tata steel and may be anything. But technically stock looks week and it will show a movement downward .Given below the chart of Tata Steel on weekly basis and on daily basis. if we look at weekly charts then it has reversed after facing a strong resistance of 480-90 of bearish channel line which has been drawn since it high of 998.70 in October 2007 . It has got support many times around 440 level at 38.2% Fibonacci retracement which has been placed in the range of 931 to 148 during May 2008 to October 2008 . Where it has the only support at 330 level which is the 23.6% Fibonacci retracement in the same range.

While we are looking on daily charts then it has crossed below the 61.8% Fibonacci retracement which has been place in the range 502-331 during the up move of January 2012 to the end of feb 2012. Now it will get the support only around 330 according to daily charts too. 

On moving average front it has made a crossover of 21 days EMA and 100 days EMA and trading below both  of  these . SO my view is on sell side whether results come positive or negative as I think market discounts everything so the Tata steel . It has been outperformed the market during last 3-4 months and a correction is further due in the stock to come to its correct value. If you find it around 330 then Investors who want to accumulate the Blue chips can accumulate for long term which will a value buying.