Trend lines can be used to identify and confirm trends. A trend line connects at least 2 price points on a chart and is usually extended forward to identify sloped areas of support and resistance. Lines with a positive slope that support price action show that net-demand is increasing. As long as the price action stays above this line, we have a bullish trend. Lines with a negative slope that act as resistance to the price action show that net-supply is increasing. As long as the price action stays under this line, we have a bearish trend.
Price usually retests a sloped trend line several times, until it breaks at which point we may have a trend reversal. The more points there are to connect, the stronger a trend line becomes. Different strategies have different rules on how far apart connected price points can be and whether to connect wicks or candle bodies, but all trend lines break eventually. TradingView has a smart drawing tool that allows users to visually identify trend lines on a chart. This tool can also be used to illustrate trends on indicators.
It has been observed that the price action trending downward for past few months and dropped from 290 to 230 levels. Now, the price action breaking above the downward trendline which will indicate a strong buying pressure and buyers comeback. Once it closes above 243 levels then it shall confirm the upward rally from here on and every dip shall become a buy.
T1-...
Multiple Break Out With Volume.
Other Details Mentioned In Chart.
Trial SL Once In Profit.
Investment View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
jindal steel charts shows inverted head and shoulder breakout, cup with handle pattern breakout, long term trendline breakout.
jindal steel postional buy close above 191 target 250.
add more on dips sl 160 .time duration -3 months
At Multiple Support.
Moving In Short Term Channel.
At Support Of Lower Line Of Channel.
If Support Respected Making of AB=CD.
Risk Reward Looks Favourable.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
The support of 0.68840 proves to be a tough nut for the bears.
After bouncing back sharply twice, the pair was under the cloud of a bearish trendline for 5 months, which has broken now.
Also, the pair found support at 61.8% of the previous rally, which is a strong bullish sign.
Hence, we expect the trade with bullish bias. The next levels to watch out for are the...
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