Cup and Handle - JINDALSTEL Jindal steel
Cup and handle being formed on Jindal Steel and Power.. volume profile is supportive of this being a bullish continuation AND nice rounded cup bottom ..
Price currently in a channel (which is also the handle formation) .. watch for breakout of channel .. longer term target could be 450.. of the top of the handle is broken successfully.
Fundamentally - current US trade war and related tariffs on steel/aluminum etc. could be a good news for indian steel producers.. who knows which way it will go but one thing is sure .. volatility.. so watch out..
Price currently in a channel (which is also the handle formation) .. watch for breakout of channel .. longer term target could be 450.. of the top of the handle is broken successfully.
Fundamentally - current US trade war and related tariffs on steel/aluminum etc. could be a good news for indian steel producers.. who knows which way it will go but one thing is sure .. volatility.. so watch out..
BE PATIENT
Quite often ..the price doesnt just keep going in one direction (if in trend). If you see in the channel the price is at a resistance level as of now.. there is a good chance that it comes back and may even re-touches the channel again OR do a false breack before going up.
Also I should add INVALIDATION OF CUP and HANDLE . Generally if the handle is too steep OR upwards trending or below the half of cup then its a warning sign..
In this case I don't want to see price trade/sustained close below 176.. SO finally be patient and let it do what it does and then decide..