Navigating the Trading Landscape of Jindal Steel
Hello, traders! Today I'm focusing on a prominent player - Jindal Steel. This analysis aims to provide both newbies and seasoned traders with some fresh perspective. Let's get started!
🔎 Understanding Key Terms
Before we delve into the analysis, let's clarify some crucial jargon:
LTF (Lower Time Frame): This is the time frame we use to execute our trades.
ITF (Intermediate Time Frame): We use this for identifying the overall trend.
HTF (Higher Time Frame): This gives us the broader view and helps identify zones on bigger time frames and perform location analysis.
RBR, RBD, DBR, DBD Zones: These are price action patterns that help us predict potential market movements. RBR stands for Rally-Base-Rally, RBD for Rally-Base-Drop, DBR for Drop-Base-Rally, and DBD for Drop-Base-Drop.
🔬 Detailed Analysis of Jindal Steel
Currently, Jindal Steel is trading near supplies on the 75 minute (LTF) and daily (ITF) time frames. However, the weekly (HTF) shows no supplies as the stock is coming from its all-time high, not from a supply zone.
On the daily (ITF), the stock seems to be moving sideways. On the lower time frame (LTF - 75 minutes), the stock is trading at a strong support zone. As such, we can plan our entry at the 75-minute demand zone with a stop loss (SL) around 677, a target of approximately 700, and an entry around the current price of 682.5. This trade offers a low risk and high return with a risk to reward ratio of 1:3.
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💡 Indicators Used
Curious about the indicators I used? Check out my demand and supply zone indicator here: If you find it valuable, show some love by hitting that 🚀 icon!
Remember, this analysis is for educational purposes only. I am not a SEBI registered analyst. Always conduct your own research before making any trading decisions.
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