Jindal Saw - Weekly closing high. Strong mid to long term buy.
Jindal Saw has closed at a new post crash weekly closing high of 122.35 after a 4 week consolidation which saw the price range between 99-119.
The stock is currently moving up in a channel as clearly seen in the chart. Additionally, a long term resistance trendline connecting all the major tops between 2008-2021 lies overhead. This trendline currently acts as a very strong resistance and our mid term price target (trendline is currently at 162).
If and when the stock breaks through and closes above this trendline (Labelled as Long Term Resistance TL on the chart), the stock will move up significantly. One can buy Jindal Saw at CMP and add on any downside
Stop Loss : 114 (WCB). For longer term investors, a WCB stop loss of 99.5 is ideal
Targets : Rising channel resistance at 143, Long term trendline resistance at 162; both are ideal short to medium term targets. A weekly close above the long term resistance trendline (currently at 162) will lead this stock to new all time high levels(the current ATH is 185.45 and it was made in December 2007)
The stock is currently moving up in a channel as clearly seen in the chart. Additionally, a long term resistance trendline connecting all the major tops between 2008-2021 lies overhead. This trendline currently acts as a very strong resistance and our mid term price target (trendline is currently at 162).
If and when the stock breaks through and closes above this trendline (Labelled as Long Term Resistance TL on the chart), the stock will move up significantly. One can buy Jindal Saw at CMP and add on any downside
Stop Loss : 114 (WCB). For longer term investors, a WCB stop loss of 99.5 is ideal
Targets : Rising channel resistance at 143, Long term trendline resistance at 162; both are ideal short to medium term targets. A weekly close above the long term resistance trendline (currently at 162) will lead this stock to new all time high levels(the current ATH is 185.45 and it was made in December 2007)