JSW Steel - Upward Parallel Chanel

📈 JSW Steel is moving in a well-defined Upward Parallel Channel on the weekly timeframe, reflecting a strong and sustained uptrend. The price action has consistently respected the channel boundaries, confirming steady buying interest.

📊 Overbought Condition:
However, the stock is currently trading near the upper band of the channel, with momentum indicators suggesting an overbought zone. This raises the possibility of a cool-off phase or a retracement toward the mean reversion (mid-channel support).

🔎 Momentum Indicators:

1. RSI readings indicate stretched levels, warranting caution for fresh long entries at current prices.
   
2. Volume trends remain supportive of the overall uptrend, but short-term corrections cannot be ruled out.
   

🎯 Projection & Outlook:
While the medium- to long-term trend stays firmly bullish, traders should watch for a possible retracement toward mid-channel support before fresh accumulation. Sustaining within the channel ensures the continuation of the uptrend, while any breakout above the channel could accelerate momentum further.

⚠️ Disclaimer:
This is a technical projection for educational purposes only and not an investment recommendation. Traders should adopt proper risk management while framing any strategy.