Note: This is for educational purpose only. Please do not trade in F&O. 20 EMA seems to be acting as dynamic support for JSW Steel. There seems to be a hammer formation at 20 EMA. Expecting a bounce back from here. SL: 385₹
Shooting Star Observed On Daily Charts, Sell It With SL Of 352.1, Closing Price Is 341
ONLY FOR EDUCATION TRADE BASED ON 1. PRICE ACTION 2. RSI STRATEGY 3. FIBO STRATEGY
It was clearly overbought. Still, fundamentally a great company. Could be an option to accumulate at the bottoms.
Note: 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...
Metal has been doing exceptionally good. JSW Steel seems good buy candidate above 296 for the target of 313, 327.
Trade with the trend here at jswsteel. Place your targets and stop losses according to support and resistance lines drawn.
Buy JSW Steel Above - 176.4 T-181 SL-174
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.
Broken below uptrend channel. Looking bearish.
In couple of weeks and might face a resistance around that level