JSW Steel Ltd Double Bottom BreakoutThe 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”.
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