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
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.