On the daily chart of JSW Steel, a strong breakout above the multiple time-tested resistance zone can be observed. Following the breakout, the price retraced back to the flip zone and found support before heading up towards the next high. This presents a potentially lucrative swing trading opportunity in JSW Steel.
To enter this trade, a long position can be taken on the open of the next candle. A stop loss can be placed below the previous candle's low, as indicated on the chart. In terms of profit targets, a favorable reward-to-risk ratio of 1:3 can be targeted, as also marked on the chart.
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To enter this trade, a long position can be taken on the open of the next candle. A stop loss can be placed below the previous candle's low, as indicated on the chart. In terms of profit targets, a favorable reward-to-risk ratio of 1:3 can be targeted, as also marked on the chart.
Thank you for your attention. Please feel free to like and follow my profile for more insightful market analysis.
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