JindalStel - Demonstrating Power on the Chart

[bbrijesh]

Jindal Steel & Power Ltd (Jindalstel) has shown a significant breakthrough on the Point & Figure (P&F) 0.25% X 3 chart, surpassing a resistance zone.

The breakthrough indicates a potential shift in market sentiment.

The resistance level, previously observed at Rs.600, has now turned into a support level for the stock. This shift suggests that buyers are gaining control, and the stock's upward momentum is likely to continue.

The follow-up breakout from the Double Top Breakout (DTB) pattern further reinforces the bullish outlook.

Traders may view this as a potentially positive trend but it comes with the risk. The pattern negates below Rs.600.