JINDALSTEL, BEARISH OR BULLISH?
Metal stocks are on a run as the CNX METAL index ended the week adding 4%. The same can be seen in JindalStel, it ended the week with around 3% gains. But the chart pattern indicates possibly something different. On the daily chart, it is possibly forming a bearish "Rising Wedge Pattern".
Points to Note:
1. JindalStel is facing strong resistance around 421 levels followed by 430 levels. The initial support comes at the upward wedge channel line followed by strong support near 380 levels.
2. Daily RSI is showing positive divergence against price indicating bullish sentiment.
3. MACD line is hovering above the signal line indicates bullishness but the height of histograms are decreasing.
My Views:
I recommend remaining cautious since Friday's breakout might be a fake breakout as it has given the same in past. A close above 421 levels on daily basis will confirm the breaking of the "Rising Wedge" pattern failing to do so will consolidate within the wedge. A breakout below the wedge channel will tank towards the immediate support near 380. I would recommend waiting for a confirmation and don't go too aggressive on either side.
THOSE ARE MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSES ONLY, ACT WISELY.
Points to Note:
1. JindalStel is facing strong resistance around 421 levels followed by 430 levels. The initial support comes at the upward wedge channel line followed by strong support near 380 levels.
2. Daily RSI is showing positive divergence against price indicating bullish sentiment.
3. MACD line is hovering above the signal line indicates bullishness but the height of histograms are decreasing.
My Views:
I recommend remaining cautious since Friday's breakout might be a fake breakout as it has given the same in past. A close above 421 levels on daily basis will confirm the breaking of the "Rising Wedge" pattern failing to do so will consolidate within the wedge. A breakout below the wedge channel will tank towards the immediate support near 380. I would recommend waiting for a confirmation and don't go too aggressive on either side.
THOSE ARE MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSES ONLY, ACT WISELY.
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