JSW Steel Ltd Double Bottom Breakout
Updated
The idea here is about JSW Steel Ltd:
JSW Steel Ltd. is a holding company, which engages in the production, distribution, and trade of iron and steel products. It offers hot rolled and cold rolled coils and sheets; galvanized coils and corrugated sheets; galvalume products; steel doors; and light steel building solutions.
My view is short term Bullish for the below observed technical factors.
Points as per TA observed on a daily Chart:
1. Broken out of Double Bottom pattern as per below:
2. Broken Out of Contracting Triangle on a daily chart on 27th Oct 2022 as per below:
3. Bearish Navarro 200 Harmonic Pattern observed on a daily chart & Price may retest 678.05 ( Swing B of Bearish Navarro 200) as per below:
4. Trading above 20 & 200 EMA on a weekly & daily chart.
5. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily is a strong upward momentum & weekly is Neutral at the time of publishing.
6. RSI is at 61.77 on a Daily Chart and 56.03 on weekly chart at the time of publishing.
7. MACD above signal line on weekly & daily chart.
8. Hull Moving average on daily is a sell and Strong buy on Weekly & monthly. Other averages are strong buy on daily, weekly & Monthly.
9. ADX ( Average directional index ) trend strength is at 18.30 on a daily & 7.45 on a weekly which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend.
10. No divergence observed.
Projected Target with %: Double bottom & contracting triangle provided in the chart. However, would recommend for retest to be completed.
Stop Loss: provided in chart.
Wait for retest confirmation on daily chart for double bottom.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So
Please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
JSW Steel Ltd. is a holding company, which engages in the production, distribution, and trade of iron and steel products. It offers hot rolled and cold rolled coils and sheets; galvanized coils and corrugated sheets; galvalume products; steel doors; and light steel building solutions.
My view is short term Bullish for the below observed technical factors.
Points as per TA observed on a daily Chart:
1. Broken out of Double Bottom pattern as per below:
2. Broken Out of Contracting Triangle on a daily chart on 27th Oct 2022 as per below:
3. Bearish Navarro 200 Harmonic Pattern observed on a daily chart & Price may retest 678.05 ( Swing B of Bearish Navarro 200) as per below:
4. Trading above 20 & 200 EMA on a weekly & daily chart.
5. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily is a strong upward momentum & weekly is Neutral at the time of publishing.
6. RSI is at 61.77 on a Daily Chart and 56.03 on weekly chart at the time of publishing.
7. MACD above signal line on weekly & daily chart.
8. Hull Moving average on daily is a sell and Strong buy on Weekly & monthly. Other averages are strong buy on daily, weekly & Monthly.
9. ADX ( Average directional index ) trend strength is at 18.30 on a daily & 7.45 on a weekly which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend.
10. No divergence observed.
Projected Target with %: Double bottom & contracting triangle provided in the chart. However, would recommend for retest to be completed.
Stop Loss: provided in chart.
Wait for retest confirmation on daily chart for double bottom.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So
Please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
Trade closed: target reached
All Targets achieved.
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