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.
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免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。