JINDALSAW trade ideas
Jindal Saw - Weekly closing high. Strong mid to long term buy.Jindal Saw has closed at a new post crash weekly closing high of 122.35 after a 4 week consolidation which saw the price range between 99-119.
The stock is currently moving up in a channel as clearly seen in the chart. Additionally, a long term resistance trendline connecting all the major tops between 2008-2021 lies overhead. This trendline currently acts as a very strong resistance and our mid term price target (trendline is currently at 162).
If and when the stock breaks through and closes above this trendline (Labelled as Long Term Resistance TL on the chart), the stock will move up significantly. One can buy Jindal Saw at CMP and add on any downside
Stop Loss : 114 (WCB). For longer term investors, a WCB stop loss of 99.5 is ideal
Targets : Rising channel resistance at 143, Long term trendline resistance at 162; both are ideal short to medium term targets. A weekly close above the long term resistance trendline (currently at 162) will lead this stock to new all time high levels(the current ATH is 185.45 and it was made in December 2007)
Jindal Saw LongStock has Given a Long term breakout on Weekly Chartof Bullish Price pattern called Horizontal S&R Line Breakout as you can see it has break all the previous resistance and able to sustain above 102 Rs and also volume is also increasing. All Momentum Indicators are turn into Positive from Neutral which is sign that we may see good up side here from now towards 120-125 as next resistance along with support of 102 on closing Basis.
We have seen good rally mostly in all Midcap Metal Stock but this stock has participated in the rally.
Jindal Saw might go up 8% soonThe 2 resistance/support zones which became valid in January 2020 (before the pandemic fall) and the 'trend based fib extension' levels points that, Jindal Saw can grow more. Above 103, it can go up 8.54% ie till 111.8. Place the stop loss at 95.5.
Positive news attached : "Jindal Saw Ltd reported 30.43% yoy growth in consolidated revenues for the Mar-21 quarter at Rs3,783.85cr"
JINDAL SAW LONGA multiple breakout of trendlines can be seen on the weekly charts of JIndal SAW. (OPEN AND EXPAND THE CHART FOR DETAILED VIEW)
Firstly, the 7 year trendline, form 2014
Secondly, the 5 year trendline from 2016 (diagonal one)
Thirdly, the one year trend line. from 2020 (THE THINNER LINE)
Volumes too are favorable.
RSI is a bit high, hence retracement can be seen soon till 103-104
I would suggest going long on Jindal SAW for a swing trade. Levels are mentioned below.
Entry: Around 104 after retracement
Target 1: 122-123
Target 2: 140-141 (Fibonacci Retracement used)
SL- 100.50
TRAIL STOP LOSS
According to Fibonacci Retracement, the stock has broken the major resistance of 102, and is ready to move upwards in coming weeks.
Risk-Reward favorable.
Thanks
FOLLOW IF YOU LIKE IT.
Jindal Saw - Buy & accumulateJindal Saw - Buy & accumulate
Buy Range:98-111
Upside Target: 120.3, 133, 146.05
Support Levels: 86.25, 70.1
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I am not a SEBI registered consultant/Advisor. It is completely my view and opinion.
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