JINDALSTEL broke the neckline but not all-time high
Jindal Steel & Power broke the neckline of the cup pattern. It has been forming a cup pattern since 2010, and it almost took 14 years to reach 750 levels. Recently, it has broken the neckline or resistance level with fair volume. One more thing is that it is also nearing its all-time high of 796 levels. We may see either consolidation or retracement at all-time high levels.
The monthly, weekly and daily relative strength index is above 60. The volume is increasing. If it retraces near 750 levels, it would be a good entry point with previous low stop loss. If you measure the depth of the cup and put it above the neckline, that would target 1500 levels.
The monthly, weekly and daily relative strength index is above 60. The volume is increasing. If it retraces near 750 levels, it would be a good entry point with previous low stop loss. If you measure the depth of the cup and put it above the neckline, that would target 1500 levels.
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