JSWENERGYReasons to consider going long on JSWENERGY
1. Bullish Reversal Patterns:
• The green candle on horizontal support could signify a potential reversal.
2. 200-Day Moving Average as Support:
• The 200-day moving average is a key long-term support level. A bounce from this level often attracts institutional interest and signals strength in the stock.
3. Relative Strength vs. Nifty:
• Positive relative strength suggests that JSWENERGY is outperforming the broader market, making it a strong candidate for an uptrend continuation.
4. Sector Support:
• Nifty Energy index taking support on its horizontal support increases the likelihood of a sector-wide bounce, which could positively impact JSWENERGY.
Waiting for confirmation with a CHOCH (Change of Character) on the 1-hour timeframe is a solid approach. Here’s a structured plan based on that:
1. Wait for CHOCH on 1-Hour: The CHOCH would confirm a potential shift in market structure, signaling the beginning of bullish momentum. This adds more reliability to the trade setup.
2. Entry on Retest / FVG / IFVG:
• Retest: After the CHOCH, a retest of the breakout zone could provide an optimal entry, ensuring the breakout holds.
• Fair Value Gap (FVG): If an FVG appears within this structure, entering here could capture the shift in momentum at a lower-risk point.
• Imbalance Fair Value Gap (IFVG): An entry on an IFVG could further refine your risk-to- reward ratio, especially if market liquidity fills these gaps.
