JSW ENERGY LTDLong
JSWENERGY - Weekly Chart Analysis
After a huge rally in which topped out in Sept2021, the stock went into a long consolidation base of 2 years but never retraced for more than 23.6% on a Fibonacci scale.
3 months ago a low cheat entry was triggered and there after the you can see the volumes also coming up leading to cheat trigger and finally a pivot high was made closing above the resistance zone of the 2021 top. (389-408)
Its been 2 weeks the stock is sustaining above it. Volumes are decent. It is trading well above all the key moving averages.
Now the earlier resistance zone shall now act as a support(389-408). But the main support shall still be considered 348-369 below which if closed weekly than our view stands invalid.
As per the trend based fib 555 - 650 - 785 levels can be tested in a long term.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
3 months ago a low cheat entry was triggered and there after the you can see the volumes also coming up leading to cheat trigger and finally a pivot high was made closing above the resistance zone of the 2021 top. (389-408)
Its been 2 weeks the stock is sustaining above it. Volumes are decent. It is trading well above all the key moving averages.
Now the earlier resistance zone shall now act as a support(389-408). But the main support shall still be considered 348-369 below which if closed weekly than our view stands invalid.
As per the trend based fib 555 - 650 - 785 levels can be tested in a long term.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
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