From May 2021 to April 2024, JSW Steel consistently faced resistance from the same trendline, rejecting multiple times.
In April 2024, price finally broke out above this resistance zone. After the breakout, the stock came down for a pullback and perfectly respected the same line, which has now flipped into support.
During this pullback, a minor downtrend was visible, but that too has been broken to the upside, showing a clear shift in momentum.
Now, the stock has given a strong breakout again (as shown in the chart). This indicates that the consolidation phase is over and it's going to give a very good rally in coming weeks/months.
Conclusion:
This looks like a good buying opportunity, both for swing trading and long-term investment, as the price action suggests strength and continuation on the upside.
In April 2024, price finally broke out above this resistance zone. After the breakout, the stock came down for a pullback and perfectly respected the same line, which has now flipped into support.
During this pullback, a minor downtrend was visible, but that too has been broken to the upside, showing a clear shift in momentum.
Now, the stock has given a strong breakout again (as shown in the chart). This indicates that the consolidation phase is over and it's going to give a very good rally in coming weeks/months.
Conclusion:
This looks like a good buying opportunity, both for swing trading and long-term investment, as the price action suggests strength and continuation on the upside.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.