Jswsteelanalysis
JSW STEEL - Ascending triangle bullish breakoutNote: This is for educational purpose only. Do not trade F&O based on this analysis.
There seems to be a bullish breakout after tight build up near resistance for 42 days. This signifies that bullish pressure is more and hence, the price did not fall down. Moreover, breakout is is with high volume. RSI is at 69 which indicates bullish momentum but at the same time it is nearing overbought zone. Hence, there might be a slight pullback/ side ways movement before the next upmove.
JSW Steel at resistance - ShortPrice reached the top as discussed in our previous charts. Now look for sell trade as the price reached the resistance levels. Go with small stoploss after confirming the reversal.
If you want to go long then let the price closes above the dotted line then think about going long.
JSWSTEEL Short 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 the methods, techniques, or indicators presented in these chart will be profitable or that they will not result in losses. There is no assurance that the strategies and methods presented will be successful for you. Past results are not necessarily indicative of future results. You should not trade with money that you cannot afford to lose. Examples presented in these products are for educational purposes only and it should not be assumed that these are indicative of ordinary trades. These setups are not solicitations of any order to buy or sell. The publisher assume no responsibility for your trading results. There is a high degree of risk in trading.