VR46_TheDoctor

JSW Multi TF Analysis

NSE:JSWSTEEL   JSW STEEL LTD
Monthly TF:
Trading nearly at all time high(639)
Volumes are high
MACD is bullish
RSI is having some divergence
Previous month candle was a good breakout of nearly 3 year.
OVERALL STOCK IS VERY BULLISH .

Weekly TF:
Nice Cup handle breakout with strong volumes.
Trading above all key EMA's (21,50,200)
After giving breakout directly crossed 1.618 fib level (586.5), no signs of weakness.
RSI Gave breakout from major resistance.
Consolidated on resistance zone before breaking out.
MACD is bullish .
As RSI is overbought and also there had been continous bull run, one can wait with patience to retrace till 586 levels wherein it may retest RSI breakout. REMEBER RSI CAN STAY OVERBOUGHT OR OVERSOLD FOR LONG TIME.
It was a very good buying at 400-420 levels.

Daily TF:
Gave strong breakout from parallel channel after 9 months.
Again can be seen here clearly 420 around level it was nearly channel bottom test and daily breakout.
RSI , Showing clear divergence(marked with blue arrow), which means it MAY retrace, most probably till 580-586.
Need to wait and see if there is buying intrest at this level. If it rebounds from 580 level, long can be initiated.

Hourly TF
Shows a clear picture.
RSI Divergence can be seen clearly.
Stock is consolidating at hourly resistance level (628-633)
If any 1Hr candle closes above resitance levels with good volume , then good opportunity for TRADERS to go long.


NIFTY METAL INDEX:
JSW is part of nifty metal index with around 19% share.
Metal index charts have given breakout on Weekly levels afer 3 years.
Golden cross can be seen on weekly levels.
Overall metal sector is very strong.

INVESTORS can wait for retest at 580-586 levels, or can go long with partial amount if it breaks ATH on closing basis.


///Overall Stock is Strongly bullish in all TF's.///



***Having in portfolio from 194***
Comment: Power of MULTI TF Analysis.
Easily traded on both sides.
Gave Breakdown on 16 April at 619.
Made low of 595 in few session then.

Gave breakout on 22 April @648 levels.
CMP 713
Made high of 740
Comment: 750 done...!!!
80% investment booked.
Trailing remaining.
Trade closed: target reached: 750 done...!!!
80% investment booked.
Trailing remaining.
Comment: TSL is now 730 on daily closing basis
Nothing to loose as we entered at 650 levels.
Trade closed manually: TSL hit at 730.
Still closed in nice profits as we entered at 650.
:)