Trade Idea: Short Jindal Steel below 174.5
Signals:
1) Price Rejection on break of highs
2) Swift move lower after testing new highs
3) Threatening to break pivot at 175
4) Moving Averages lined up to the head of the candle
For education purpose only
Dear All Members at TradingView ,
Jindal Steel seems good for 220+ in Medium Term !
Entry : Above 183 Rs.
Targets : 187-193-205-220+ Rs.
Stop-Loss : 163 Rs.Or 169 Rs. on Closing Basis
Hope You will like My Idea ; Hit Like Button for Supporting & Comment your view in Comments Section .
Disclosure : I am not A SEBI Registered Technical Analyst !
Regards...
I think this structure is a cup and handle formation, this could be very bullish for Jindal steel. I'll wait for some strength and buy it for long term.
JINDALSTEEL is in a parallel channel from a long time, it is also forming a smaller parallel channel inside the big parallel channel, I might try to long when and if the price reaches the bottom of the smaller channel, or on the breakout from the smaller channel.
YESTERDAY THE CALL WORKED OUT PERFECTLY IN JINDAL STEEL
TGT WAS 160 HOLD NOW OR BUY FRESH
OPEN INTEREST BUILT UP IS VISIBLE BY 4.5%
DEC FUT
BUY@156.5
STOP@148.5
TARGET@170
LOT:2400
QTY:1
