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JindalStel - Demonstrating Power on the Chart

Scheduled Pinned Locked Moved Charts
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  • Brijesh Bhatia Offline
    bbrijeshB Offline
    Brijesh Bhatia

    Pro User

    wrote on last edited by
    #1

    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.

    JindalStel.png

    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.

    Regards,
    Brijesh Bhatia,
    Definedge Forum.

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