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JSW Steel | Trade Plan

NSE:JSWSTEEL   JSW STEEL LTD
JSW Steel has been trading on inside a rising channel from July 2017 to November 2018. The channel had a breakdown when price broke down below 330 in last week of November 2018. Post the breakdown the stock corrected to 260 before forming a continuation bear flag . The bear flag had a breakdown in May 2019 but stock seems to be trading in a band between 252 to 300.

Though the bear flag suggests a deep target of about 130 levels, a point to consider is the chart used for analysis is weekly charts (longer time frame) and JSW steel is a commodity company where the business is cyclical in nature.

Trade Plan

Long (at support) at 252 with a stop at 245 for a target of 276.

Short Below (support breakdown) 245 with a stop at 255 for a target of 202.

(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
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