1) On 1 day time frame, it just closed below 50DMA. 50DMA is placed at 693.46 level.
Also we can see that critical resistance at 700 level.
And as per OI data, major call writing is at 700 level.
Sustainable breakout of the same will lead to short covering and can give good bullish upmove.
Please refer below chart : 1day Time...
JSW Steel was making higher highs and higher lows for a few weeks, and has been in a consolidation phase, forming an ascending triangle pattern.
It has shown a minor break out of the resistance, and now if it follows through, it can soon cross the 52W high for levels of 810 and 894 respectively.
The technicals are also giving a bullish bias for the stock.
JSW STEEL wait for breakout to buy above 738 level in days candle closing, suggesting a small risk if it reaches 620 level and keeping SL of 594, where you a look for target of 990 in 2-3 mths of time.
oversold in daily stochastics
RSI = 58
daily breakout from trendline.
RSI bullish divergence in 1hr
The price action also suggests the pullback is over.
Watch above the marked levels on a 15min closing basis
Acording to analysis JSW steel is in overbought zone as well as all the indicators are giving signal to sell, this prediction is only for 10 may not for the long term.
sell at 755
buy at 750,745,740
value will go down on Monday for sure for intraday trade. This info is backed up with various factors.
Trading nearly at all time high(639)
Volumes are high
MACD is bullish
RSI is having some divergence
Previous month candle was a good breakout of nearly 3 year.
OVERALL STOCK IS VERY BULLISH.
Nice Cup handle breakout with strong volumes.
Trading above all key EMA's (21,50,200)
After giving breakout directly crossed 1.618 fib level (586.5),...
It has formed double top on a very short time frame.
But the RSI also formed two tops.
The second top is lower then the first one which means lesser people tried in making the second top.
The tells us decreasing interest in the stock after breakout.
There has already been a big rally and we can expect a consolidation...
Currently it is having some short opportunities , but the sector is highly bullish and so no big downfall is expected. it can retrace upto 3rd levels of fibonacchi anf strong support in 77-79 zone. And target cant be determined as its has high potential.