There is pattern in JINDALSTEL , which indicates accumulation rally and then accumulation this is a good sign of up-trending stocks . Let the price break the zone with good volume you can go long for intraday. Place a stop-loss slightly below the zone . Note : The other thing can happen too, if the price breaks the zone downwards with a domination of sellers you...
=> Breakout the major resistance trendline and closed strongly
=> looking at the rise of volumes confirms it's under bulls control
=> multiple support resistance seen near 430-461, can struggle a bit a over there.
=> levels are marked on the chart, SL - closing below trendline.
Disclaimer => This is only for educational purpose only, Trading involves Substantial...
The stock has broken out of the pattern, and is likely to continue its upward trend.
Considering the current state, the trade can be initiated with a strict stop loss of 400 for targets of 427, 447 and 501.
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JINDALSTEL is following its Weekly Trendline from Covid Lows. Recently took support from the trendline. Buying Activity has been seen in the last week.
If price sustains above 410 then it will test 450 level, and if that it sustained then it will test 500.
Target- 450 500 New 52Week High
As the Chart tells, It's on a downslide since past few sessions.
Downward trend with a Descending Triangle shows much weakness.
To add on, stock's trading below 200 MA, Could see some serious fall in the coming sessions.
(If it goes as the trend suggest, Price fall could be around 308-310 Levels.
After forming a high of 501 stock is falling in a corrective manner. This correction should reach upto 50% of the previous rise i.e. 50% of the distance travelled between wave 2 and wave 3 . The correction can be extended to the previous 4th of the lesser degree i.e. the region of 300 zone .
The metals sector was down today due to a news regarding China's cut down. But Jindal Steel and Power fell below a strong support today. The stock price is currently stopped at 0.618 Fib level (drawn from previous low-high). Should investors hold or sell to take losses?
*New to the trading. Any pointers, advises and resource recommendations are welcome.