JSWSTEEL
JSWSTEEL : Bullish Piercing Pattern on Daily TimeFrameRSI Bullish Divergence is also there
Everything mentioned in Chart
JSW Steel | Trade PlanJSW Steel has been trading on inside a rising channel from July 2017 to November 2018. The channel had a breakdown when price broke down below 330 in last week of November 2018. Post the breakdown the stock corrected to 260 before forming a continuation bear flag. The bear flag had a breakdown in May 2019 but stock seems to be trading in a band between 252 to 300.
Though the bear flag suggests a deep target of about 130 levels, a point to consider is the chart used for analysis is weekly charts (longer time frame) and JSW steel is a commodity company where the business is cyclical in nature.
Trade Plan
Long (at support) at 252 with a stop at 245 for a target of 276.
Short Below (support breakdown) 245 with a stop at 255 for a target of 202.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
JSW Steel trading levelsWith weekly strong support at 245.50 level, the price didn't stayed much longer at the current low of 252.10. Stock likely to struggle to break the 270.00 level, if broken with strong momentum then possible Target 2 on radar given less optimistic market.
JSW Steel | Short Term Forecast-> JSWSteel having two moderate resistance, 270 and 278.
-> Once its breaks hopeful for 290 in few weeks.
-> Otherwise chance for drop upto 240 range in next few weeks.
Jswsteel- can buy 267-268currently trading at trend line support, better to buy below around 267-268
Another Up? Possible.JSW is most likely in a complex corrective pattern and I don't think there will be major down moves from the current levels. There is a high probability that it will swing up first - not breaking the high above the trend line- and then start moving down. There is no buy setup yet, it could either setup in the next few hours or we might see a sell setup at the top. Risk reward is favorable for a sell when it goes high.
longcan go long if price close above rectangle.
it is in accumulation/consolidation phase.
after breakout from this rectangle we can see higher levels.
longcan go long above 288 with specified stoploss.
it is trading at support and has not broken it for three four times..once it starts moving upward and closs above 288..it is a buy.
go long in jsw steel buy jsw steel @ 295 to 300
sl @ 290
target @ 315 then 322
for one week prospective.
Short Term Breakout : JSWSteelJSWSTEEL Ichimoku Time and Price Breakout. Expecting to complete N Wave at 317 CBSL 276
You can figure out what is going on JSWSTEEL with carefully.You should always have a plan in case the opposite happens since it will happen often.
High 3 (this can is attracting buyers/scalpers/chartist attention)
-> High of the candle is higher than H2, and H2 is higher than H1.
Volume is on average as normal.
The trading range is tight and high trading activities and price rotation found.
We have found a similar candle of H3.
Scalper targets might be near 309 and swim traders can think for 318.5-320
The concluded : that 80% by 20% chance to move 309 and 318.5.
I'd like to give a special thank-you to @kavibharath252 who made fundamental research on JSWSTEEL and Technical Triangle on it.
Positional Buy if green candle on MondayCMP: 286.85
T1: 300
T2: 310
SL: 275
Operate with trailing stop loss.
NIFTY METAL : METAL BARONS HAVING TOUGH RESISTANCE GOING AHEAD2 years ago in Feb 2016 , Nifty and Nifty Metal did bottom out together after that a year later, in Jan 2018 Nifty and Nifty Metal both made a top as well. Since then Nifty Metal is underperforming compared to nifty, while nifty climbing back to new highs, Nifty metal is just started advancing month ago.
Current rally in metal index is showing strength but need to be cautious buying this rally. As Nifty Approaching New life high's and We are heading to Elections so Volatility will be there but I have No Doubt About Election Result, Not Expecting any volatility in Results, Mr Modi Kaka is Going to Win For sure. We Will again have clear majority and strong Government in Centre. But Sometimes as bad news are buying opportunity, Good News are profit booking opportunity. So 2nd term of BJP will be Good news & may result in profit booking ? This is just my view, do comment what you think about it.
Let's get back to Metal, My View is When we will have corrective waves in boarder markets, Nifty Metal will be no exception, so the view is to keep a eye on Metal Barons and not to miss a short opportunity, if there is any in future.
Only Condition is, It has to respect resistance drawn on chart above and in Stocks drawn below.
If you check METAL BAROONS all are almost approaching it's tough resistance along with NIFTY METAL.
Let's take a look at them individually.
1) COALINDIA
2) HINDALCO
3) HINDZING - OUTPERFORMING.
4) JINDALSTEL
5) JSWSTEEL - Waiting for Bearish Flag to get formed.
6) NALCO
7) NMDC LTD
8) SAIL - Awaiting H&S Breakout
9) TATASTEEL
10) VEDL
I took Heavyweight Stocks all are S&P BSE METAL Index Constituents and skipping HINDCOPPER, MOIL, WELCORP, JINDAL STAINLESS (H) LTD, APL APOLLO TUBES LTD. This are non F&O stock Can't Short it.
Above post is just for preparing for a opportunity when corrective wave starts, Many from the above will be good short candidates. There is buy opportunity in Sail, Nmdc, Tatasteel, HindZinc. I will post if it meets 1: 4 Risk to Reward, if Suitable RR is not there I will just wait for shorting at Resistance levels.
Everything depends on how market unfolds in future, Market is supreme not my View. All Levels - support - resistance all are meant to be broken.
It is better to be prepared for an opportunity and not have one than to have an opportunity and not be prepared. -Les Brown
Do let me know in comments, if I am missing anything to this view or what you think about this opportunity or any contrarian view on this I would love to hear that.
Thank you !
