Will JSWSTEEL break its ALL TIME HIGH & continue its uptrend
Updated
1) Testing its ATH (All Time High) level.
2) Perfect 'v' formation @ important level
(which is very very bullish indication)
3) 78.6% fibonacci extension level on WEEKLY timeframe
coincides with ATH. As we know, breakout of 76.8% lvl of
fib extension considered as continuation of the mail trend.
4) Concern : forming DOJI from last two days.
5) Relief : Even after forming 2 DOJI, momentum
of the stock is intact. If it passes this level, it has
ability to hold this level, take a breather & move
ahead.
6) OI Analysis : People still holding their LONG
positions from the recent rally.
7) Options Analysis (for Friday): 81k contracts added
@ 340PE & 27k contracts removed @ 350CE (implies
bullishness).
PCR OI is slightly less 1 (implies indecisiveness)
PCR Volume is 0.717 (implies bearishness)
Being FRIDAY tomorrow, I dont expect much to happen
will definately keep an eagle eye on this stock for my
portfolio.
2) Perfect 'v' formation @ important level
(which is very very bullish indication)
3) 78.6% fibonacci extension level on WEEKLY timeframe
coincides with ATH. As we know, breakout of 76.8% lvl of
fib extension considered as continuation of the mail trend.
4) Concern : forming DOJI from last two days.
5) Relief : Even after forming 2 DOJI, momentum
of the stock is intact. If it passes this level, it has
ability to hold this level, take a breather & move
ahead.
6) OI Analysis : People still holding their LONG
positions from the recent rally.
7) Options Analysis (for Friday): 81k contracts added
@ 340PE & 27k contracts removed @ 350CE (implies
bullishness).
PCR OI is slightly less 1 (implies indecisiveness)
PCR Volume is 0.717 (implies bearishness)
Being FRIDAY tomorrow, I dont expect much to happen
will definately keep an eagle eye on this stock for my
portfolio.
Note
It will ever close above HIGHEST CLOSE??????????????I think it is in process of forming HANDLE for this cup. I guess, I saw is incorrectly. Its not V formation, but CUP & HANDLE formation. But CUP and HANDLE generally wont happen in between a trend, C&H is generally a trend reversal chart parttern which occurs at the end of downtrend. Watching closely what it do next!!
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