JSWSteel, Double Top
To develop long term view is always helpful. I feel it necessary. I covered this chart many times in the past.
a) 200 WMA played a significant role in understanding the change of long term trend of the stock. Price rise was vertical and within a rising channel.
b) At present price has broken out of the Double Top resistance. A bullish weekly candle has been formed. This speaks loudly that trend is intact.
c) Correction can happen. Any correction towards the resistance line, 345, will provide a good buying chance. SL is a must.
a) 200 WMA played a significant role in understanding the change of long term trend of the stock. Price rise was vertical and within a rising channel.
b) At present price has broken out of the Double Top resistance. A bullish weekly candle has been formed. This speaks loudly that trend is intact.
c) Correction can happen. Any correction towards the resistance line, 345, will provide a good buying chance. SL is a must.
Nota
It has been a good trade. Thanks to the market. I don't take credit.
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