JSW Steel 1D Time Frame Analysis
- Price has already broken his ascending channel and give a huge rally of almost 300 within 2 weeks
- Now moving in this range for the last 3 months
- we can see a possible round bottom pattern here
- There is resistance at 750 zones and we have good support from 650 levels
- Completing Round bottom would push this to 850-900...
Double top formation on daily time frame,,
neckline around 640-644 levels,,
need confirmation of breakdown below neckline,,
Good fall possible once structure is confirmed
Long in JSWSteel.
Shakeout pattern formed . aggressive trader can enter now and conservative trader can wait for price to retrace back to the mentioned leven take long position
JSW STEEL break the crucial support level ie. 660
Vikas Rao: Support tend line at 633
Vikas Rao: If it break then next support at about 600
Vikas Rao: 660 is acts as resistance now
As a part of sector rotation metals are in a range where hedging will make most traders profitable. A directional trade in metals can be risky. Just see levels and keep trading.
1) Triangle pattern formation as we can see on chart
2) Inverse flag pattern formation
3) Both things formed just above support level which is very crucial
4) For last four month price is trading in a wide range if the breakout happens with volume it can move very sharply in any direction.
Keep eye on it when it reaches to the support or resistance.
NIFTY 50 EOD ANALYSIS -20-08-21
IN SUMMARY
O / H / L / C
16382.5 / 16509.55 / 16376.05 / 16450.5
H-L = 133
VIX 14.02 / +8.6%
FII DII: -2178 Crores
Likely open: Negative to flat
CHART BASED CONCLUSIONS
A 200+ point gap-down opening in Nifty shook all the scrips.
Nifty made a significantly lower high and a significantly lower low.
It then moved in a narrow...
