The Stock is forming Parallel Channel nicely. It is at the interesting point so one can watch the stock and trade accordingly. Budget speech is over so volatility would be normal now.
favorable RRR if in zone 100-125 or below. soon ll give an buying option although it can reverse from anywhere (may be sooner). no position for now. long is the way to go.
I think this structure is a cup and handle formation, this could be very bullish for Jindal steel. I'll wait for some strength and buy it for long term.
JINDALSTEEL is in a parallel channel from a long time, it is also forming a smaller parallel channel inside the big parallel channel, I might try to long when and if the price reaches the bottom of the smaller channel, or on the breakout from the smaller channel.
orange line marks strong resistance zone and it is further covered by ichi clouds for now.
for me its a clear sell signal.
ideally you should sell it on failure to successfully breakout of orange line.
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NSE:JINDALSTEL
