Cup and Handle - JINDALSTEL Jindal steel
Updated
Cup and handle being formed on Jindal Steel and Power.. volume profile is supportive of this being a bullish continuation AND nice rounded cup bottom ..
Price currently in a channel (which is also the handle formation) .. watch for breakout of channel .. longer term target could be 450.. of the top of the handle is broken successfully.
Fundamentally - current US trade war and related tariffs on steel/aluminum etc. could be a good news for indian steel producers.. who knows which way it will go but one thing is sure .. volatility.. so watch out..
Price currently in a channel (which is also the handle formation) .. watch for breakout of channel .. longer term target could be 450.. of the top of the handle is broken successfully.
Fundamentally - current US trade war and related tariffs on steel/aluminum etc. could be a good news for indian steel producers.. who knows which way it will go but one thing is sure .. volatility.. so watch out..
Note
One thing to note - PLEASE DO NOT READ THIS AS A LONG IDEA YET.. BE PATIENT
Quite often ..the price doesnt just keep going in one direction (if in trend). If you see in the channel the price is at a resistance level as of now.. there is a good chance that it comes back and may even re-touches the channel again OR do a false breack before going up.
Also I should add INVALIDATION OF CUP and HANDLE . Generally if the handle is too steep OR upwards trending or below the half of cup then its a warning sign..
In this case I don't want to see price trade/sustained close below 176.. SO finally be patient and let it do what it does and then decide..
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