JSWSteel on way back to 600Positive divergence formed on RSI and it managed to close above Fib retracement 1.41 level but it has a minor resistance around 557 and once it clears that, 595-600 would open up.
Disc: Not a sebi registered adviser
JSWSTEEL trade ideas
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JSW Steel Analysis JSW steel make a W pattern which represent the bullish power of the bulls. If the stock break the structure and the 200 EMA on its lower time frame then go for it.
It is also a swing trade if you see the chart on 1Hr time frame it make a clear W pattern and we can book the profit at 200EMA.
(Always Do your own analyis )
JSWSTEEL getting ready for next upmove?After an extraordinary bull run from March 2020 to April 2021, JSW steel has been consolidating from the past one year.
It has already given a breakout from flagpole pattern and has reached its ATH which is 776.50.
RSI is looking very strong as it is above 60 in the weekly TF. Looks like a good swing as well as positional trade if it sustains above 775 . One can add on dips upto 725-730.
This opinion is just based on my personal analysis and not a trading suggestion.
