JSWSTEEL
JSW STEELIt has reversed from a Bearish Harmonic Alt Shark which could see a retracement till 318/310/300. The view would negate above 332.
Harmonic Trading Patterns are derived from Fibonacci ratios which create various patterns indicating reversal/retracement of trend in the time frame spotted.
JSW STELL LTD_Long (positional)JSW is trading near the resistance, once it breached green line then it can see 208 & 220 level in upcoming days.
a post on demand of a well wisher through message jsw steel y views is to trade on levels ( positional bias short on rise , but intraday and as per market trend
one can play swngs .
simple demonstration of how basic support resistance are helpful
through ed arrow (resistance) while blue arrow (support)
hope one will find it useful and take benefits ( dua me yaad rakhna) .
JSW Steel Intraday Trade in AdvanceWeekly has a double bottom and a recent Higher High. But, predominantly, it's a Downtrend. There is a wide bearish RSI divergence too. Price is hovering at an important level.
In Daily, nothing is supporting. There is a break of Trendline, but not convincing.
75 min is interesting. There is Head and Shoulders pattern, EMA crossover and a clear candle rejecting the cross and pivot yesterday.
Today, if the price opens at the same level as yesterday's, I will look to go short with SL above the high of the previous day's candle in question. It would be an aggressive trade.
JSW Steel | Trade PlanJSW 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)
Jswsteel- can buy 267-268currently trading at trend line support, better to buy below around 267-268
JSW STEEL LTD NSE: : JSWSTEELJSW STEEL LTD NSE: : JSWSTEEL Long & Short Levels to watch out for :
Upper levels from current price :
292 , 298 , 306
Lower levels from current levels :
276 , 272 , 267 , 263 , 261
JSW STEEL: BREAKDOWN, DIVERGENCE, PULLBACK & NEXT SUPPORT LEVELSNSE:JSWSTEEL has already given a breakdown with RSI Divergence and pull back is done. The support is now acting like a good resistance. Therefore, next supports level for NSE:JSWSTEEL are drawn on chart.
