JSW STEEL Confirms Bearish HEAD & SHOULDER PATTERN
Points noted on Daily Chart,
1. Head & Shoulder Pattern completion with confirmation of high volume selling at previous resistance level.
2. Double Top with Bearish Divergence in RSI
3. Risk & Reward ratio at great deal
In my opinion, this one is a short for now.
JSWSTEEL trade ideas
JSW Steel at near ShortThe valuation of the stock has been diminishing due to overall weakness in steel sector. The RED level marked is a retracement zone of 61.8 and previous strong resistance level where selling can be seen.
Keep a close eye on the 1140-1145 level and if we could find any weakness at that level then it will be a safe bet to sell this one.
LONG SHORT in near term.