Markets rarely explode without building tension — this wedge might be that tension.
JK cement's long-term support zone broadly intact, but short/medium-term trend has seen pressure. Recent weeks show lower highs, forming a downward sloping upper trendline. But there's a wider, long-term rising trendline at the bottom — forming a potential large contracting triangle / wedge-like structure on daily chart (as I marked).
So, we are in a coil / compression phase. Price consolidating inside a wedge/triangle after prior swing down, while long-term support holds. That means either breakout or breakdown — but with risk-reward skewed toward bounce if support and structure hold.
If price breaks above upper trendline with volume, upside could target previous swing highs. But if it breaks below support — risk of deeper correction exists.
Save this chart. Wedges crack. This one might too.
Best regards,
Alpha Trading Station
JK cement's long-term support zone broadly intact, but short/medium-term trend has seen pressure. Recent weeks show lower highs, forming a downward sloping upper trendline. But there's a wider, long-term rising trendline at the bottom — forming a potential large contracting triangle / wedge-like structure on daily chart (as I marked).
So, we are in a coil / compression phase. Price consolidating inside a wedge/triangle after prior swing down, while long-term support holds. That means either breakout or breakdown — but with risk-reward skewed toward bounce if support and structure hold.
If price breaks above upper trendline with volume, upside could target previous swing highs. But if it breaks below support — risk of deeper correction exists.
Save this chart. Wedges crack. This one might too.
Best regards,
Alpha Trading Station
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.