NeeteshJain
Long

JSWSTEEL - BREAKS STRONG RESISTANCE

BSE:JSWSTEEL   JSW STEEL LTD
It is been observed that the price action breaks above the important and strong resistance levels on daily chart indicating a buyers coming back and charging up and also taking control over price action. It shall further move up from current levels.

Target 214

SL: 208
Trade active
Comment: Kindly note that Targets and Stoploss mentioned above is on the basis of information shared on my Pro-Group on Telegram and not on the basis of posting chart.

Thank you @ven585 for pointing out.

Regards
Comment: In case, you need any information on Pro-Group then email me at neeteshjain01@gmail.com.. Thanks
Trade closed: target reached
Can I join your telegram channel
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Hi Neetesh ji, when this idea was given, CMP of jswsteel was 212. Target was given as 214. Stop loss was given as 208. So the risk reward ratio is small. Can you please comment on this. ... Venkat.
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@ven585, Kindly note that Targets and Stoploss mentioned above is on the basis of information shared on my Pro-Group on Telegram and not on the basis of posting chart. In case, you would like to know more about Pro-Group then email me at neeteshjain01@gmail.com
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ven585 NeeteshJain
@NeeteshJain, thank you.
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Sir
Wts view on idea cellular ???
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NeeteshJain AshishKChaklashiya
@AshishKChaklashiya, Will share shortly. Thanks
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Do you check volume at the breakout candle? Does it have to be higher than the volume of the previous days?
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@VPS, Good Analysis, I'm not yet checked it. If you have any data on the same then you may share the same for others. Much appreciated.
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VPS NeeteshJain


@NeeteshJain, I have not done any analysis. But if you see today's volume (shown by the blue arrow), it is not much. I wanted to know if the volume should be significantly high at the breakout candle to consider it to be a valid breakout. Also, today's candle is still in progress. What if the price drops back to the resistance zone? Do you still consider it to be a braekout of the zone?
Reply
@VPS, You have rightly pointed out. Generally it requires significant volume to confirm a breakout. It is not necessary to have highest volume on breakouts but Yes a significant must be there. Now, we could a good volume at breakout indicating good signal. It may correct to resistance but it will be a good chance to buy back. Thanks
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