LONG: Jindal Stainless - Double Bottom Reversal- 21% Upside
Long Position:
Double Bottom Pattern: Jindal Stainless has formed a classic double bottom around the 640-650 range, indicating a potential bullish reversal. The key level to watch is the neckline resistance around 890-900. A breakout above this level could lead to further upside.
Entry: Current price level (around 733-735)
Target: 890-900 (Neckline of the double bottom)
Stop-Loss: 700-710 (Tight stop-loss below recent consolidation)
Time Frame: ~1.5 months (Expected to reach the target within this period based on pattern development)
MACD Bullish Crossover: The MACD has crossed into bullish territory, suggesting that momentum is on the upside.
Bollinger Bands: The stock is currently near the middle of the Bollinger Bands, providing room for a move towards the upper band, aligning with the potential target.
Risk/Reward Ratio: ~3:1
Potential Upside: ~21% (from current levels to the 890-900 target range)
Strategy:
Enter long at the current price level with a target of 890-900, where the neckline of the double bottom lies. Use a stop-loss at 700-710 to minimize downside risk.
Key Levels to Watch:
Support: 700-710 (Stop-loss level)
Resistance: 890-900 (Neckline and target level)
Disclaimer:
*I am not SEBI registered and this idea could be wrong. I'm here to learn, so please share your thoughts in the comments. Don’t follow this blindly! :) *
Double Bottom Pattern: Jindal Stainless has formed a classic double bottom around the 640-650 range, indicating a potential bullish reversal. The key level to watch is the neckline resistance around 890-900. A breakout above this level could lead to further upside.
Entry: Current price level (around 733-735)
Target: 890-900 (Neckline of the double bottom)
Stop-Loss: 700-710 (Tight stop-loss below recent consolidation)
Time Frame: ~1.5 months (Expected to reach the target within this period based on pattern development)
MACD Bullish Crossover: The MACD has crossed into bullish territory, suggesting that momentum is on the upside.
Bollinger Bands: The stock is currently near the middle of the Bollinger Bands, providing room for a move towards the upper band, aligning with the potential target.
Risk/Reward Ratio: ~3:1
Potential Upside: ~21% (from current levels to the 890-900 target range)
Strategy:
Enter long at the current price level with a target of 890-900, where the neckline of the double bottom lies. Use a stop-loss at 700-710 to minimize downside risk.
Key Levels to Watch:
Support: 700-710 (Stop-loss level)
Resistance: 890-900 (Neckline and target level)
Disclaimer:
*I am not SEBI registered and this idea could be wrong. I'm here to learn, so please share your thoughts in the comments. Don’t follow this blindly! :) *
Disclaimer
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