JSWSTEEL - Not a good buy at current levels!

3 819
The stock is trading around the upper channel. The space on the upside looking limited and RR is not favourable at the current levels.

Weekly TF view:

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Price Observations:

1. Even after breakout & restest of major 800 previous ATH levels the moves is slow and choppy.
2. Volumes are dry.
3. Buyers are weak.

Now, possible 2 Scenarios here:

1. WAIT FOR THE BREAKOUT OF THE CHANNEL AND ENTER WITH CONFIRMATION WITH SMALL SL.
2. WAIT FOR A RETTRECEMENT TO ENTER AT SUPPORT LEVELS.

- I WOULD WAIT FOR THE LATER CASE SINCE I'M NOT A TYPICAL BREAKOUT TRADER!

- Stay updated for further insights and trade safely!

- If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading!


Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing.

Thanks & Regards,
Anubrata Ray
노트
It is still moving within the same channel but now the price is trying to hold the higher level better than earlier.

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Execting good volumes to build up to move the prices higher to break the channel and sustain.
노트
Good Rejection on Monthly TF

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노트
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