JKCEMENT looks bullish
Here's a detailed look at JK Cement's chart that caught my eye.
1. Resistance Zone: The stock faced strong resistance around ₹4,500, with multiple rejections at this level over the past few months. This was a tough barrier to crack!
2. Higher Highs and Higher Lows: The trend has been bullish, with a clear formation of higher highs and higher lows, signaling strength in the uptrend.
3. Support Level: We see solid support around ₹3,624, where buyers have consistently stepped in to push the price back up.
4. Inverted Head & Shoulders Pattern: A textbook inverted head and shoulders pattern has formed near the support level. This is typically a bullish reversal pattern, and it's exciting to see it play out here!
5. Breakout Alert: The stock has broken out of the neckline of the inverted head and shoulders pattern, moving above the previous resistance level. This breakout is a strong buy signal, pointing to potential further gains.
6. Trade Setup: I've got my eyes on this one. Entry on the breakout, with a stop-loss just below the support level, and a target way above, giving this trade a fantastic risk-to-reward ratio.
This is a classic setup for those who love technical analysis! Let’s see how this plays out.
Do your own analysis before investing!
1. Resistance Zone: The stock faced strong resistance around ₹4,500, with multiple rejections at this level over the past few months. This was a tough barrier to crack!
2. Higher Highs and Higher Lows: The trend has been bullish, with a clear formation of higher highs and higher lows, signaling strength in the uptrend.
3. Support Level: We see solid support around ₹3,624, where buyers have consistently stepped in to push the price back up.
4. Inverted Head & Shoulders Pattern: A textbook inverted head and shoulders pattern has formed near the support level. This is typically a bullish reversal pattern, and it's exciting to see it play out here!
5. Breakout Alert: The stock has broken out of the neckline of the inverted head and shoulders pattern, moving above the previous resistance level. This breakout is a strong buy signal, pointing to potential further gains.
6. Trade Setup: I've got my eyes on this one. Entry on the breakout, with a stop-loss just below the support level, and a target way above, giving this trade a fantastic risk-to-reward ratio.
This is a classic setup for those who love technical analysis! Let’s see how this plays out.
Do your own analysis before investing!
Disclaimer
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.