JSW Stell is trading in channel from past few days and currently formed bearish engulfing patterns as metal sector is weak.
It formed minor support at 165.
Incase if breaks this level, we can expect further downside upto 155 levels, but incase if bounce from the support level .. look for long above 172.
JSW Steel Accumulation: Wyckoff Events
Stock is Fallen from 290 to 150 and taken the Preliminary support and bounce till 180.where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end.
After this bounce price corrected till 130 and...
The price levels have not touched the weekly high/low so far. By today, i.e. Friday it is supposed to come down to levels 215 and touch pink line.
If if goes up, and tries to touch the upper pink line, it can cross levels and touch broad Blue line @ 230 as well.
With 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.
