bearish technical reasons visible in JSW Steel (Weekly) chart:
1. Strong Resistance Zone
The chart shows a pivot high (earlier resistance) that has been tested multiple times but not broken.
Each rejection at this level confirms supply pressure → strong resistance overhead.
2. Bearish Price Action
The latest red candle closed below the previous low, indicating weakness.
This shows that buyers failed to defend support, giving control to sellers.
3. Multiple Rejections at the Same Level
Price has repeatedly tried to break above ~₹1,060–1,080 but failed.
Repeated failures near resistance often precede downside reversals.
4. Negative MACD Divergence
While price was making equal or slightly higher highs, the MACD histogram and signal line were trending lower.
This signals loss of momentum → bearish divergence.
5. Negative Momentum Divergence (Oscillator)
Another oscillator (below MACD) also shows lower highs while price tried to retest highs.
Confirms weakening bullish momentum.
6. Volume Behavior
Volume doesn’t confirm strong breakout attempts → lack of institutional support.
Combined with red candle close, suggests distribution (smart money selling into strength).
✅ Summary:
Strong resistance + multiple rejections
Red candle closing below prior low
MACD and oscillator negative divergence
Weak volume confirmation
📉 All these together make the setup bearish, with potential downside toward ₹930–950 (next visible support).
1. Strong Resistance Zone
The chart shows a pivot high (earlier resistance) that has been tested multiple times but not broken.
Each rejection at this level confirms supply pressure → strong resistance overhead.
2. Bearish Price Action
The latest red candle closed below the previous low, indicating weakness.
This shows that buyers failed to defend support, giving control to sellers.
3. Multiple Rejections at the Same Level
Price has repeatedly tried to break above ~₹1,060–1,080 but failed.
Repeated failures near resistance often precede downside reversals.
4. Negative MACD Divergence
While price was making equal or slightly higher highs, the MACD histogram and signal line were trending lower.
This signals loss of momentum → bearish divergence.
5. Negative Momentum Divergence (Oscillator)
Another oscillator (below MACD) also shows lower highs while price tried to retest highs.
Confirms weakening bullish momentum.
6. Volume Behavior
Volume doesn’t confirm strong breakout attempts → lack of institutional support.
Combined with red candle close, suggests distribution (smart money selling into strength).
✅ Summary:
Strong resistance + multiple rejections
Red candle closing below prior low
MACD and oscillator negative divergence
Weak volume confirmation
📉 All these together make the setup bearish, with potential downside toward ₹930–950 (next visible support).
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.