JSW steel on the weekly charts has been consolidating in a range and trading around the 20 ema.
The stock has taken support from 0.618 fibonacci level but unable to close above 0.382 levels. It is consolidating in the same range.
Stock can give either side movement and is currently trading near the resistance levels.
On the daily time frame, the stock is...
Gaps pending
Downside: 552.50
Upside: 602
Supports: 571/566/559 & 552.5
Resistances: 576.9/583.25/593.9 & 602.95
Conditions applied:
Con 1: If we witnessed Gap up opening nearby 583.25, Wait for breakout & then take long position accordingly with the given levels.
Con 2: If we see sideways opening, then need to watch Volume & OI & then take position.
Con 3: If...
JSW steel is taking support from its bottom and simultaneously forming a bullish pattern (Double bottom). After a strong breakout of 558 you can plan to go long for a swing trade . Place stop-loss logically and targets according to your analysis (Suggested Target : T1 600 / T2 640).
NSE:JSWSTEEL
📌 To Trade on This Chart, You Should Have Reversal Trading Knowledge. As Harmonic is One Of The Best Reversal Trading Strategy, But Always Remember That Harmonic Patterns Also Can Fail (there is no holly grail In Stock Market). That's Why One Should Must Have Knowledge Of Reversal Trading To Trade On Harmonic Patterns.
📌 That Dash Line Is Called...
📈 JSW Steel Ltd. 📉
Today broke out from a downtrending Trendline Zone on closing basis.
On Buy Side I am looking for Targets of 760.
StopLoss should be kept at close below 660.
It offers 1:1 Risk To Reward.
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and revert back if you need some more...
