Jindal Steel - Falling wedge + Coming out of correction soon!

johntradingwick Updated   
Key Highlights:

1. Potential change in MS underway
2. Falling wedge pattern
3. Rejection from trendline atm
4. Approaching the demand zone
5. Ripe for the next impulsive move
6. Accumulate between 370-380
7. Target: 410, 445, 499
8. Stop loss: 364

You are always advised to use an appropriate Risk-Reward ratio as per your strategy.

P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
Morning update: Jindal steel is currently sitting at the confluence of the previous demand zone + 0.618 Fib level + 200 MA. May see a good bounce from here. Bulls need to save the 200MA for a further up move.

EOD update: Jindal Steel was able to bounce from our confluence zone, though it doesn't seem like a great bounce. The volume is still lacking.

Rajat Kumar Singh,
B.Tech. (Delhi Technological University)
Community Manager (India), TradingView

✅ FREE Telegram Channel 👉
✅ Trading Blog 👉

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.