This chart represents the weekly price action of Jindal Stainless Ltd. (NSE) with an Elliott Wave analysis and Fibonacci retracement levels. Here's a summary of the key observations:
Technical Analysis Summary:
Elliott Wave Structure:
The stock appears to be in a corrective Wave 4 after completing an impulsive Wave 3.
A potential Wave 5 uptrend is anticipated, as per the Elliott Wave structure.
Fibonacci Retracement Levels:
The price has retraced close to the 0.5 Fibonacci level (465.85), which is a strong support zone.
The 0.382 level (553.40) is also a critical resistance, which the price is testing.
RSI Analysis (Relative Strength Index):
RSI is at 40.26, indicating that the stock is approaching the oversold region.
The RSI moving average (44.12) is slightly above the RSI value, suggesting weak momentum.
Support & Resistance:
Support levels: ~465.85 and ~549.90.
Resistance levels: Previous high near 848.00.
Possible Future Movement:
If Wave 4 completes, a bullish reversal for Wave 5 could take the stock higher.
A further breakdown below 465.85 might invalidate the bullish scenario.
Conclusion:
The stock is in a correction phase, but signs of reversal are emerging.
Watch for price action near the 549.90 support zone and RSI movement above 50 for confirmation of bullish momentum.
If bullish Wave 5 starts, the stock may target new highs.
Technical Analysis Summary:
Elliott Wave Structure:
The stock appears to be in a corrective Wave 4 after completing an impulsive Wave 3.
A potential Wave 5 uptrend is anticipated, as per the Elliott Wave structure.
Fibonacci Retracement Levels:
The price has retraced close to the 0.5 Fibonacci level (465.85), which is a strong support zone.
The 0.382 level (553.40) is also a critical resistance, which the price is testing.
RSI Analysis (Relative Strength Index):
RSI is at 40.26, indicating that the stock is approaching the oversold region.
The RSI moving average (44.12) is slightly above the RSI value, suggesting weak momentum.
Support & Resistance:
Support levels: ~465.85 and ~549.90.
Resistance levels: Previous high near 848.00.
Possible Future Movement:
If Wave 4 completes, a bullish reversal for Wave 5 could take the stock higher.
A further breakdown below 465.85 might invalidate the bullish scenario.
Conclusion:
The stock is in a correction phase, but signs of reversal are emerging.
Watch for price action near the 549.90 support zone and RSI movement above 50 for confirmation of bullish momentum.
If bullish Wave 5 starts, the stock may target new highs.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.