JSWSTEEL - Opportunity for CE and PE

rvc8280 Pro Updated   
My Perception & the way I trade:

JSW STEEL ( NSE:JSWSTEEL1! )-- currently trading in close range from previous Weekly High and Monthly high levels.

Also from Harmonics' perspective - possible to test 774-777 levels before any kind of reversal. Which is also 0.786 retracement level.
These levels are also in line with Prev Week/Month high levels.

Add JAN 770 CE, JAN 780 PE to the watch list & wait for levels to cross and sustain.

From the above Futures chart - trading above current and previous months VWAP levels. Also, we can see Wedge breakout and consolidating for some time.

Add to watch list -
If the stock crosses the Weekly high - don't jump in for 770 CE. As we can see around 777, Monthly High may act as resistance.

Once Monthly High is taken off - we can go for 770 CE.

Incase of any reversal - after testing Monthly High and clear confirmation, -- we can consider 780 PE.

Considering Next week will be the Monthly expiry, we will be in the last week from tomorrow. Remember: Option Geeks will be more active this week and also VIX is back to 14.3 levels.

Price moved from 774 to 747. Hope you are able to grab 780 PE.


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