JSW steel| 2 year resistance zone breakout with inverted H&S.
JSW steel has been respecting a resistance zone around 780 levels from May 2021 and has finally given a break out.
Is stock going to carry the bullish movement or break out is fake out??
The stock has given a close above the levels on the weekly time frame and at the same time the gravestone doji is creating a confusion of stock gaining some positive momentum.
On the weekly charts, a clear inverted Head and shoulder pattern is there. It has been consolidating for last 3 weeks at the higher levels. A 'W' pattern is also there.
But the RSI indicator is losing strength as there is a bearish divergence in the stock.
The daily charts has respected the 20 ema and is consolidating in a box above the resistance zone. The stock is taking a halt at the higher levels.
The chances of a retest is high as the indicator predicts. It can be bought at the lower levels for a 20-25% ROI in 3-4 months.
Buying levels :- 773-780, 810
Target :- 970-1000
Time frame :- 3-4 months.
The stock has respected the zone many times and given a break out. It will retest the zone as there are multiple confluence i.e. fibonacci levels, fixed range volume profile, moving average.
Wait for the stock to retest and form a price action near the levels.
Is stock going to carry the bullish movement or break out is fake out??
The stock has given a close above the levels on the weekly time frame and at the same time the gravestone doji is creating a confusion of stock gaining some positive momentum.
On the weekly charts, a clear inverted Head and shoulder pattern is there. It has been consolidating for last 3 weeks at the higher levels. A 'W' pattern is also there.
But the RSI indicator is losing strength as there is a bearish divergence in the stock.
The daily charts has respected the 20 ema and is consolidating in a box above the resistance zone. The stock is taking a halt at the higher levels.
The chances of a retest is high as the indicator predicts. It can be bought at the lower levels for a 20-25% ROI in 3-4 months.
Buying levels :- 773-780, 810
Target :- 970-1000
Time frame :- 3-4 months.
The stock has respected the zone many times and given a break out. It will retest the zone as there are multiple confluence i.e. fibonacci levels, fixed range volume profile, moving average.
Wait for the stock to retest and form a price action near the levels.
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