Will JSWSTEEL break its ALL TIME HIGH & continue its uptrend
1) Testing its ATH (All Time High) level.
2) Perfect 'v' formation @ important level
(which is very very bullish indication)
3) 78.6% fibonacci extension level on WEEKLY timeframe
coincides with ATH. As we know, breakout of 76.8% lvl of
fib extension considered as continuation of the mail trend.
4) Concern : forming DOJI from last two days.
5) Relief : Even after forming 2 DOJI, momentum
of the stock is intact. If it passes this level, it has
ability to hold this level, take a breather & move
ahead.
6) OI Analysis : People still holding their LONG
positions from the recent rally.
7) Options Analysis (for Friday): 81k contracts added
@ 340PE & 27k contracts removed @ 350CE (implies
bullishness).
PCR OI is slightly less 1 (implies indecisiveness)
PCR Volume is 0.717 (implies bearishness)
Being FRIDAY tomorrow, I dont expect much to happen
will definately keep an eagle eye on this stock for my
portfolio.
2) Perfect 'v' formation @ important level
(which is very very bullish indication)
3) 78.6% fibonacci extension level on WEEKLY timeframe
coincides with ATH. As we know, breakout of 76.8% lvl of
fib extension considered as continuation of the mail trend.
4) Concern : forming DOJI from last two days.
5) Relief : Even after forming 2 DOJI, momentum
of the stock is intact. If it passes this level, it has
ability to hold this level, take a breather & move
ahead.
6) OI Analysis : People still holding their LONG
positions from the recent rally.
7) Options Analysis (for Friday): 81k contracts added
@ 340PE & 27k contracts removed @ 350CE (implies
bullishness).
PCR OI is slightly less 1 (implies indecisiveness)
PCR Volume is 0.717 (implies bearishness)
Being FRIDAY tomorrow, I dont expect much to happen
will definately keep an eagle eye on this stock for my
portfolio.
I think it is in process of forming HANDLE for this cup. I guess, I saw is incorrectly. Its not V formation, but CUP & HANDLE formation. But CUP and HANDLE generally wont happen in between a trend, C&H is generally a trend reversal chart parttern which occurs at the end of downtrend. Watching closely what it do next!!