johntradingwick

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

Long
johntradingwick Updated   
NSE:JINDALSTEL   JINDAL STEEL & PWR
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.
Comment:
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

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