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.
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.