It 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 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) .
Weekly 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...
JSW 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....
JSW 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
NSE: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.
