It has formed double top on a very short time frame.
But the RSI also formed two tops.
The second top is lower then the first one which means lesser people tried in making the second top.
The tells us decreasing interest in the stock after breakout.
There has already been a big rally and we can expect a consolidation...
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.
KEEP CHARTS AS SIMPLE AS POSSIBLE, THEN AUTOMATICALLY CHARTS WILL TALK WITH US :)
As i mentioned in the charts, the reasons to trade this scrip was higher high breakout.
My entry would be cmp and SL: 365
#jswsteel #swingtrade setup
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...
Price 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.