JSWSTEEL
JSW steel looks bullish for swing traders.NSE:JSWSTEEL
JSW steel on 1H chart still in good up trend.
After making Higher Low its trying move up again and if we are in a right trend then we definitely see the new Higher High in this counter.
I personally prefer to buy JSWSTEEL above 292 by maintaining SL at 278.
Trade Setup - JSW STEEL Hi Traders,
We saw a good sell off in the indian markets, the jsw steel chart seems very attractive for us. The price is still in an uptrend as per the 4h and daily timeframe. We have the goldenzone between 282.15 and 278.90. The price has tested the golden zone and closed above this level. We have immediate resistance at 285.40 and 289.40. A good and safe trade setup can be when the price breaks the trendline and the resistance at 285.40.
A buy entry can be placed when price retest the broken resistance, and the target can be placed at the next immediate resistance.
For queries pls comment below.
Pls like the idea to show support.
Happy trading........
JSW Steel ltd from 21 August 2020The stock has been continuously going up for some time in an aggressive manner and has reached the previous high (supply zone) ...
. Shooting star pattern has been formed though the upward wick is small
Expecting a healthy retracement till 240 level when crosses 270 mark while going down
Trading Strategy:
Safe : sell PE above 290 at good cost ... AUG and SEP month --> strategy with breakever above 300 is safest
Heart of Steel:
when crosses 270 level ; buy 240 PE and Sell 270 CE ---> collect premium and exit at good profit
use calendar spread with different month expiry to get good profit
MFI is in overbought zone for some time expecting it to cool down now
CAUTION !! Short Term Investors in Metals !! We saw good rally in metals(Tatasteel,jswsteel,jindalsteel,Sail), these many days.
Fresh Investors Ignore Metals as of now.
Now It's in overbought zone, Will it sustain or we can see a big dip in All Metals.
Also looks like completion of Elliott's 5 wave - .
Go through my profile in.tradingview.com for all metals analysis done.
JSW@ overbought zoneJSW steel is trading in overbought zone. Can see a sharp pull back as today's move it looked like distribution of shares.
if it breaks 250 level convincingly then will see good fall.
Levels marked on the chart.
Disclaimer: Views published are educational any trade taken is at sole individual risk
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CMP: 61.70
Target: 76 (1W)
SL: 54