Rounding Formation pattern Breakout
On the weekly chart, the stock has confirmed “rounding formation” pattern on a weekly closing basis. Rising volumes on breakout indicate rising volumes
This buying momentum was observed from 100 and 200-day SMA and rebounded sharply Jindal Steel & Power Limited Weekly Chart
The stock is well placed above its 20, 50, 100 and 200 day SMA which reconfirms bullish sentiments
The weekly “band bollinger” buy signal reconfirm positive bias
The daily strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term.
The above analysis indicate an upside of 565-590 levels.*Holding period is 3 to 4 weeks.
This buying momentum was observed from 100 and 200-day SMA and rebounded sharply Jindal Steel & Power Limited Weekly Chart
The stock is well placed above its 20, 50, 100 and 200 day SMA which reconfirms bullish sentiments
The weekly “band bollinger” buy signal reconfirm positive bias
The daily strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term.
The above analysis indicate an upside of 565-590 levels.*Holding period is 3 to 4 weeks.
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