JSW Steel has given a falling wedge breakout on the daily frame. In addition, for an early indication, we find a higher bottom on the daily chart.
On the weekly chart, a ‘Morning Doji Star’ formation is visible which suggests a strong reversal on the bullish side. The daily strength indicator, RSI (14) has come out from the oversold zone after a prolonged stay.
Traders can accumulate the stock in the range of Rs 308-313 for the target of Rs 336 and a stop loss below Rs 298.
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