JSWSTEEL trade ideas
JSW STEEL IS NEAR THE BREAKOUT LEVEL. JSW price rose with good volume participation in today's session. The setup is based on the XABCD bearish butterfly pattern.
Go long if the price sustains above the breakout level.
The stop loss, breakout, and target levels are mentioned on the chart.
Happy trading :)
This is just for educational purposes.
POSITIONAL #KASH_STOCKJSWSTEEL:
The stock is moving in kind of parallel channel pattern. As per the pattern we can expect it will touch the upper trend-line. i.e., approx 764.
SL will be lower trend-line.
Please do your own study before any trade. I may be wrong so please do your own study before any trade.
Simple Trade Setup | JSWSTEEL | 18-10-2021 [INTRADAY]NSE:JSWSTEEL
Observations:
1) On 1 day time frame, it just closed below 50DMA. 50DMA is placed at 693.46 level.
Also we can see that critical resistance at 700 level.
And as per OI data, major call writing is at 700 level.
Sustainable breakout of the same will lead to short covering and can give good bullish upmove.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date 18-10-2021:
Most of the levels will remains the same as per previous setup.
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
JSW steel AnalysisThe stock stays in consolidation for a very long time before a breakout. breakout happens only by news or good earnings.
also there is no hope of breakout now as there is no uptrend. MACD is not that great now. hence I would recommend you o wait for while.
strong resistance at 774. no proper support.
Can give an entry if forms a good support level or gives a good breakout.
can keep in Radar