JSW STEEL - Ascending triangle bullish breakout
Note: This is for educational purpose only. Do not trade F&O based on this analysis.
There seems to be a bullish breakout after tight build up near resistance for 42 days. This signifies that bullish pressure is more and hence, the price did not fall down. Moreover, breakout is is with high volume. RSI is at 69 which indicates bullish momentum but at the same time it is nearing overbought zone. Hence, there might be a slight pullback/ side ways movement before the next upmove.
There seems to be a bullish breakout after tight build up near resistance for 42 days. This signifies that bullish pressure is more and hence, the price did not fall down. Moreover, breakout is is with high volume. RSI is at 69 which indicates bullish momentum but at the same time it is nearing overbought zone. Hence, there might be a slight pullback/ side ways movement before the next upmove.
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