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
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The stock reached our entry level yesterday, that is on June 1. I hope all of you have taken entry at that point.
@RoopaNaveen, Hi, sorry I didn't get you. Can you please be more clear on your question?
UnknownUnicorn20630746
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@Keshav2329, Can you please send me fib retracement chart for this stock on my email? thanks mail: adityasuryan1993@gmail.com
Keshav2329
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@Adityasuryancicli, Sent, please check. Also, follow if you like the analysis for regular updates.
Keshav2329
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@RoopaNaveen, HI. I assume that you are asking that by when it can reach 141 target. So, ofcourse I cannot be absolutely sure on this, but looking at the charts, I think it can achieve this target in atleast 4 months. Hope I have cleared your question.
RoopaNaveen
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@Keshav2329 thanks for your response. sorry for not being precise in my question.