Keshav2329

JINDAL SAW LONG

Long
NSE:JINDALSAW   JINDAL SAW LTD
A multiple breakout of trendlines can be seen on the weekly charts of JIndal SAW. (OPEN AND EXPAND THE CHART FOR DETAILED VIEW)

Firstly, the 7 year trendline, form 2014
Secondly, the 5 year trendline from 2016 (diagonal one)
Thirdly, the one year trend line . from 2020 (THE THINNER LINE)

Volumes too are favorable.
RSI is a bit high, hence retracement can be seen soon till 103-104

I would suggest going long on Jindal SAW for a swing trade. Levels are mentioned below.

Entry: Around 104 after retracement
Target 1: 122-123
Target 2: 140-141 ( Fibonacci Retracement used)

SL- 100.50
TRAIL STOP LOSS

According to Fibonacci Retracement , the stock has broken the major resistance of 102, and is ready to move upwards in coming weeks.

Risk-Reward favorable.

Thanks

FOLLOW IF YOU LIKE IT.
Trade active: The stock reached our entry level yesterday, that is on June 1. I hope all of you have taken entry at that point.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.