JINDALSAW trade ideas
JINDALSAW: Parallel Channel + 2Yr Resistance Line BO 🔥📌 Levels are mentioned on chart for ❝Swing trading❞.
The stock has shown all time high volume along with the breakout from an important resistance level .
▣ Key Highlights:
➨ Time frame WEEKLY 𝓦
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Swing or Positional Trade, Jindalsaw 20%-40% returnChannel breakout opportunity with good volume.
Enter at or above Rs.97.
Risky traders can enter now.
Target Rs.117/144.
SL Rs.86.
Fundamentally strong company.
Sectoral and Volume support is there.
Note: All levels only for educational purpose.
Kindly check my ideas._/\_
1:3.5 Risk Reward opportunity on JINDALSAWA H&S Shoulder pattern indicates easy testing of the trendline again. Please keep a strict stop loss since the break of the trendline and below our SL level will be a downfall in the stock. The trendline is very very important since the trendline is being followed for the last 11 months, and hence the stop loss should not be modified unless asked to do so.
Background
Although fundamentally Jindal Stainless is better than Jindal Saw, however, since Jindal Stainless broke the trendline and is giving a sideways movement.
Buy around 67.8 with an SL of 64.3 (3.5 Rs stop loss) for a target of 76, 86, 90, 114
Let us assume
Max Loss: 3.5 points
Max Profit: 8.4, 18.4, 22.4, 56.4
One can hold until 86 with an SL of 81.
Profit at 86: 18.4 points
Risk Reward: 1:4
JINDALSAWNote:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket opens, the condition might change so learn to handle different conditions...
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Keep an eye ladies and gentlemen. Cheers and Happy Trading
JINDALSAW - Go Long above 85JINDALSAW is trading inside a Channel the whole time
Again since 2018, it formed one more smaller Channel
Covid fall broke 2018 channel and it had formed one more Channel
Now all Channel's mid line will be crossed if it break 85
Go long above 85
First Target 100
Second Target Channel top 175++
