It is been observed that the price action has previously breaks out from a channel as shown in Tata Steel chart (link given below) and then retrace back to the previous channel trend line, forming a V shaped signaling completion of retracement and now the price action shall further move down toward 1660 target levels.
Risk/Reward: 1/5
Target1: 1660
Stoploss: 1800
There is a good chance that JSWSTEEL could see a sharp correction in the coming two trading sessions. We have probably finished the impulse that started around 800 and carried the price all the way to 1800. The other metal stocks also seem to suggest that they are over-heated. Moreover with the GDP data coming in lower than the previous quarter we could see a...
