I spotted a symmetrical triangle in 1 hr timeframe @ JSWSTEEL. The Lower Hoghs and Higher Lows indicates a perfect Symmetry Triangle. Tommorow if it opens with a gap up or a breakout it would be a great Longing opportunity or vica versa…
NSE:JSWSTEEL
* THIS IS NOT A RECO, JUST AN OBSERVATION *
JSW Steel looking bullish. Forming a W pattern near on Daily, and 75 minutes Charts and broke the resistance today. Next resistances are at ~693 and ~723. Once these are taken off, the price will reach to ~760 levels.
JSW price rose with good volume participation in today's session. The setup is based on the XABCD bearish butterfly pattern.
Go long if the price sustains above the breakout level.
The stop loss, breakout, and target levels are mentioned on the chart.
Happy trading :)
This is just for educational purposes.
JSWSTEEL LONG (19 Oct)
Around 2 months consolidate below 50 day EMA
Breakout done
Buy at CMP- 715
SL- 684
Target- 774, 845
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Stock has just completed its expanded flat correction & is ready to make new highs. One should buy on cmp and add on dips , keeping a Stop loss of 640, we can look for the target of new highs, i.e. 780-800 zone.
There is a strong resistance of 698, in the previous day's stock consolidate and then down.
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Now again stock is testing the same 698 levels, so if stock goes above 698.
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You can buy this trade for the Target of 720.
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What's your view on this comment below in the box
NSE:JSWSTEEL
Observations:
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...
The stock stays in consolidation for a very long time before a breakout. breakout happens only by news or good earnings.
also there is no hope of breakout now as there is no uptrend. MACD is not that great now. hence I would recommend you o wait for while.
strong resistance at 774. no proper support.
Can give an entry if forms a good support level or gives a good...
JSWSTEEL is forming an ascending triangle on the 2H chart. The stock has seen consistent supply in the 687-690 zone for the last few days. Once this supply is exhausted, bullish strength can take the prices up to measured move target of 750. We will be watching out for a breakout of prices from this resistance zone in coming days.
![JSWSTEEL: Simple Trade Setup | JSWSTEEL | 18-10-2021 [INTRADAY]](https://s3.tradingview.com/z/Z4bgE4M3_mid.png "Simple Trade Setup | JSWSTEEL | 18-10-2021 [INTRADAY]")
