FULL LENTH EXPLANATORY ANALYSIS ON JINDAL STEEL AND POWER.
Few pointers from my analysis on JINDAL STEEL AND POWER.
1. The stock has been in a significant uptrend , making higher high and higher low formation.
2. The stock has consolidated for good amount of time in the big continuation flag pattern.
3. The stock has been respecting all major Fibonacci retracement levels and has in-fact retraced upto fibo .618 level , which is golden ratio, considered a very healthy retracement on an uptrend.
4.The stock has recently broke out of the flag pattern with decent volumes, can expect a good momentum going forward on shorter-term
5. On RSI as well the breakout and retest has happened.
Entry : can be taken near by 410-415.
Timeframe used : Daily.
Targets:
T1 : 440 (FIBO .236 LEVEL)
T2 : 500 LEVELS (ATH ZONE)
T3 : 540 (PATTERN HIGHT TARGET)
Stop-Loss : 373
Conclusion : overall the setup is Bullish and high-probability for performing going forward.
Disclaimer : This idea was to just give you an insight about my own view and personal observations. Please do your own research or consult an investment advisor before doing any investment or trading.
1. The stock has been in a significant uptrend , making higher high and higher low formation.
2. The stock has consolidated for good amount of time in the big continuation flag pattern.
3. The stock has been respecting all major Fibonacci retracement levels and has in-fact retraced upto fibo .618 level , which is golden ratio, considered a very healthy retracement on an uptrend.
4.The stock has recently broke out of the flag pattern with decent volumes, can expect a good momentum going forward on shorter-term
5. On RSI as well the breakout and retest has happened.
Entry : can be taken near by 410-415.
Timeframe used : Daily.
Targets:
T1 : 440 (FIBO .236 LEVEL)
T2 : 500 LEVELS (ATH ZONE)
T3 : 540 (PATTERN HIGHT TARGET)
Stop-Loss : 373
Conclusion : overall the setup is Bullish and high-probability for performing going forward.
Disclaimer : This idea was to just give you an insight about my own view and personal observations. Please do your own research or consult an investment advisor before doing any investment or trading.