Stock Analysis (JSW Steel)
It is in bullish mode. It is breaking its previous highs. It took the support of its 50 MA @253. On the monthly chart, it will face resistance at 310 but it starts moving downward it will first take support at 20 MA then 50 MA at 240 level.
On weekly chart it is clearly visible that 20MA crosses 50 MA. It exactly took support at 257 which is its 200 MA and formed a bearish hammer which makes target for 298. On the downside it will take support at 270 where demand was created.
On the daily charts there is a double top pattern is visible so look for breakout if it happens at 298.40 otherwise there will be a great opportunity for playing on downside with small stoploss for the target of 276.
I hope this analysis will help you for the upcoming trading session.
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