JSWSTEEL is forming an ascending triangle on the 2H chart. The stock has seen consistent supply in the 687-690 zone for the last few days. Once this supply is exhausted, bullish strength can take the prices up to measured move target of 750. We will be watching out for a breakout of prices from this resistance zone in coming days.
JSW STEEL GAVE A BREAKOUT IN RECENT PAST OVER A SMALL TRENDLINE. It showed little consolidaton after that. Now it has made a nice symmetrical triangle after the consolidation. CMP- 690. WE CAN SEE A GOOD UPWARD MOVEMENT TILL LEVEL 700 FROM HERE. IF IT SUSTAINS THAT AS WELL THEN MORE UPWARD MOVEMENT .I have attached chart for your references.
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
JSW Steel 1D Time Frame Analysis
- Price has already broken his ascending channel and give a huge rally of almost 300 within 2 weeks
- Now moving in this range for the last 3 months
- we can see a possible round bottom pattern here
- There is resistance at 750 zones and we have good support from 650 levels
- Completing Round bottom would push this to 850-900...
Double top formation on daily time frame,,
neckline around 640-644 levels,,
need confirmation of breakdown below neckline,,
Good fall possible once structure is confirmed
1) Bounce from Horizontal channel support.
2) A engulfing green candle on support.
3) A 1:2 risk-reward ratio.
Can be bought for a target of 750-755 (12% opportunity). CMP-670 and SL will be 630 on a closing basis. Do FOLLOW for more ideas.
