JSW Steel Cmp 721 dated 27-1-2023 HAMMER @ SUPPORTJSW Steel Cmp 721 dated 27-1-2023
1. Hammer Candle @ Support
2. Good RRR
Buy above 730 for target 745-760-775 SL 710
Disclaimer :
I am not a SEBI registered Analyst so please do your own Analysis before taking any action.
The above view is shared just for educational purpose.
By no means shall be responsible for any losses amounting out of it incase if any trades on it.
It is just a view, please trade at your own risk.
JSWSTEEL trade ideas
JSW Steel Support BreakdownThe support which was tested multiple times has finally broken,
Entry
we can wait for the breakdown and retest then take a SHORT entry.
Target
Target will be the next support zone.
Stoploss
Above the breakdown candle high.
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Double top pattern in JSWSTEELJSWSTEEL
Key highlights: 💡⚡
✅On 1hr Time Frame Stock Showing Breakdown of double top Pattern .
✅ Strong bearish Candlestick Form on this timeframe.
✅It can give movement up to the Breadown target of 724-.
✅Can Go short in this stock by placing a stop loss above 756+ or last swing high.
✅After breakdown this can give risk:reward upto 1:2+.
JSWSTEEL - Opportunity for CE and PEMy Perception & the way I trade:
JSW STEEL ( NSE:JSWSTEEL1! )-- currently trading in close range from previous Weekly High and Monthly high levels.
Also from Harmonics' perspective - possible to test 774-777 levels before any kind of reversal. Which is also 0.786 retracement level.
These levels are also in line with Prev Week/Month high levels.
Add JAN 770 CE, JAN 780 PE to the watch list & wait for levels to cross and sustain.
From the above Futures chart - trading above current and previous months VWAP levels. Also, we can see Wedge breakout and consolidating for some time.
Add to watch list -
If the stock crosses the Weekly high - don't jump in for 770 CE. As we can see around 777, Monthly High may act as resistance.
Once Monthly High is taken off - we can go for 770 CE.
Incase of any reversal - after testing Monthly High and clear confirmation, -- we can consider 780 PE.
Considering Next week will be the Monthly expiry, we will be in the last week from tomorrow. Remember: Option Geeks will be more active this week and also VIX is back to 14.3 levels.
Long JSW STEEL Keep an eye on JSW Steel is about to break it's previous high. We may get to see a new trend or pattern formation over here.
Points not to miss:-
* JWS steel is near 52 weeks high.
* FII holdings rise by 15.29%.
* Institutional holdings increased by 15.38% this year.
* RSI is indicating price strength.
Shooting StarA shooting star occurs after an advance and indicates the price could start falling.
The formation is bearish because the price tried to rise significantly during the day, but then the sellers took over and pushed the price back down toward the open.
Traders typically wait to see what the next candle (period) does following a shooting star . If the price declines during the next period they may sell or short.
If the price rises after a shooting star , the formation may have been a false signal or the candle is marking a potential resistance area around the price range of the candle.
Script = JSW Steel
Time Frame = 15 min
#JSWSTEEL Analysis For SwingJSW steel is performing too well from starting of 2021 but get slow down in mid 2021 till now. NSE:JSWSTEEL
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JSW STEEL has a 2 very big Bearish RSI Divergence on Daily Timeframe.
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If you look at NIFTY METAL at the same timeframe you'll find same kind of divergence that indicates strong conformation to this trade.
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JSW STEEL has taken resistance from 770 to 785 Often.
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Along with this i have shared my previous analysis of NIFTY that show same kind of RSI bearish divergence from 18300 to 18400. NSE:NIFTY
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ADX has Shown some Weakness at its resistance level which shows Bulls are not making more positions at resistance so this make less possibility of up side breakout.
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Right now JSW STEEL is at Support of 50 Moving Avarage, so if it break this support we can make a short position in NSE:JSWSTEEL .
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Target Could be 200 Moving Avarage, And stop loss is above resistance level
JSW STEEL JSW Steel Ready to break out. Multiple time faced resistance price of 769 to 775. Once break out with the volume. it will shoot like rocket.
Keep Eyes on JSW Steel.
note : this is only for education purpose. do your own analysis before taking any trader and consult your financial advisor before taking any trade.
JSW STEEL short term trend analysisEarly from low of mid june JSWSTEEL scrip is rally in 5 five sequence
the fifth wave formed as ending diagonal with truncated internal sub wave of 5, a truncated wave formed means it cautions impending price move as sharp raise/fall. in current case bullish ending diagonal with truncated fifth wave means sharp price fall is expecting.
Entry: below 727
Target: 670 /630
Protective Stop : 760
Disclaimer: Please be aware of risk and take positions as financial instruments are risky to trade