The information is for educational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any security which may be referenced by me. The information provided through my charts are for personal, non-commercial, educational use and display.
Jsw Steel as formed reversal pattern on monthly graph
go short @1646 and targer 1331
stock gone very slanted upward it will also give sharp down
wish u happy trading enjoy this trade
It is been observed that the price action has previously breaks out from a channel as shown in Tata Steel chart (link given below) and then retrace back to the previous channel trend line, forming a V shaped signaling completion of retracement and now the price action shall further move down toward 1660 target levels.
Risk/Reward: 1/5
Target1: 1660
Stoploss: 1800
The price action on hourly charts indicates that there is high selling pressure that has broken out from preceding diagonal pattern. It simply indicates weakness and dominance of sellers.
Target 1: 1668 (i.e. Fibs retracement levels of 0.382)
Stoploss: 1840
It is been correcting for a while under the downward trendline, Yesterday it broke out from that trendline and now we shall see a rally up to the level of 51.
Target 1: 51
SL: 46.50
