JSW Steel breakout and retest is done.

Mambotrade Updated   
JSW steel has given a break out of the inverted head and shoulder and has also retest the neck line on the weekly charts.

The stock has formed a resistance around 830-835 levels and once these levels are cleared it can given good targets.

Positional and swing trades should be created only when the resistance zone is cleared on the weekly charts.

Levels and targets are marked on the chart.

Stock can also be purchase in cash for a longterm bet as the market are bullish and the stock can travel with the waves.

Levels to watch

Break out level :- 835
Support to accumulate stock :- 775-780

Watch for the weekly close as tomorrow it friday. The stock has given a fall for last three days and if it starts to run there will be a good opportunity as it is standing at 50 % fibonacci levels.
There is a doji candle on the weekly charts near the resistance zone. Wait for the stock to cross the entry levels or hit the support zone.


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