I hope you can now see how JSWSTEEL represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that...
JSW Steel (Daily)
Chart Pattern - Flag & pole
Current market price - 672
Target - 827 (width of the flag channel according to the post triangle thrust / PTT method)
Price seems to have completed ABCDE in the 4th wave as per Elliott Wave Count
Now it has broken into the 5th wave (flag breakout)
JSW STEEL as per daily chart pattern analysis is inside the channel and once it breaks above 680 level then target 690 level is achievable and also the stock has a multi month resistance level at 700. Monthly and weekly chart being bullish the stock should move uptrend.
JSW Steel View. Nearly 20% upside from CMP of 670.
Only for educational purpose. Not a recommendation. Please contact your financial adviser for recommendation.
JSW STEEL can continue bullish momentum.
It is taking support of major trendline starting from COVID fall. Also, it is is forming a flag which has probability to move upside.
Their are more logics behind the technical trend followed by the JSW Steel,
#drop in #petrol prices.
#demand in metal sector
#respecting trendline
Movement Expected.
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
3. Follow us for more patterns and like, share so that we feel it is helpful to many and share more patterns...
3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
> We can Buy If Price Sustain Above 700
> 1st TGT is 780
> SL If candle closes below 665 (Only after We entered above 700 with Confirmation)
>Support will Become Resistance and Resistance will become Support once the level Breaks.
*Always Enter With good confirmation & Maintain proper Risk Reward.
**********Educational/information purpose only **********
...
On the last trading day, Nifty Metals had faced the breakdown of his trendline on daily chart. Now it will take support from it's next support level at 5282 & 5169 & then 5000. Such fall in Nifty Metals will cause more panic in market and we will see more decline in price of its major contributor Shares which are Tata Steel (23.56%), JSW Steel (15.38%), Hindalco...
JSW Steel is on the edge of his support trend line below @ 640 level, hope that on Monday it will break it's support level because We had seen a breakdown of Trend line on Nifty metals during the last trading day. Just refer my another idea related to Nifty Metals for more information about that breakdown level.
JSW Steel looks weak…
Reasons/Traits :
• Ascending triangle formation seen
• Below 50 EMA
• Price moving between 0.236 and 0.382 retracements levels since few days from recent high
• Constantly falling RSI
• Force index 3 is greater than 0 and Force index 13 is less than 0
• ADX negative is greater than ADX positive
What can happen next :
Scenario 1 : Price...
