JSW steel at interesting levels 05/06/23.
JSW steel on the weekly charts has been consolidating in a range and trading around the 20 ema.
The stock has taken support from 0.618 fibonacci level but unable to close above 0.382 levels. It is consolidating in the same range.
Stock can give either side movement and is currently trading near the resistance levels.
On the daily time frame, the stock is trading around 20 and 200 ema. The moving averages are close enough.
There will be a confirm long or short trade as moving averages will also be giving a break out or down.
Intraday and swing trades can be initiated if the stock starts trading outside the box.
Wait for the price to retest the break out or break down levels. Swing trades are there on the charts.
Must watch for a price action near the levels before entering the trade.
The stock has taken support from 0.618 fibonacci level but unable to close above 0.382 levels. It is consolidating in the same range.
Stock can give either side movement and is currently trading near the resistance levels.
On the daily time frame, the stock is trading around 20 and 200 ema. The moving averages are close enough.
There will be a confirm long or short trade as moving averages will also be giving a break out or down.
Intraday and swing trades can be initiated if the stock starts trading outside the box.
Wait for the price to retest the break out or break down levels. Swing trades are there on the charts.
Must watch for a price action near the levels before entering the trade.
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