JK Cement Short Term Trade
Updated
In the last three months , the level of 3138 (yellow horizontal line) has been an important support level (demand zone).
This level was broken on 16 august, but the selling pressure failed to sustain.
Overall volume in this period clearly indicates buying pressure more than selling pressure.
On a smaller time frame (2hrly) , there is a formation of small inverted H&S, neckline being the same 3138 level, Breakout of this neckline was on 24 aug, coupled with high volume.
MACD approaching the zero line from below , indicates possible crossover.
For Short Term Trade
tgt is 3273
sl is 3081
This level was broken on 16 august, but the selling pressure failed to sustain.
Overall volume in this period clearly indicates buying pressure more than selling pressure.
On a smaller time frame (2hrly) , there is a formation of small inverted H&S, neckline being the same 3138 level, Breakout of this neckline was on 24 aug, coupled with high volume.
MACD approaching the zero line from below , indicates possible crossover.
For Short Term Trade
tgt is 3273
sl is 3081
Trade closed: target reached
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