FIG Case Study #1 : JSWSTEEL

Short Note

Breakout Candidate – Stock near weekly resistance zones and attempting a breakout.

Analysis

Candlestick Analysis

 

jswsteel.png

Rising Wedge Formation – Stock making higher highs and lower lows ( A,B confirm this behavior ). Last candle (D) might be the breakout candle. Need to confirm the breakout on the next trading day [ 22 April 19 ].

Positional Traders can take long positions as long as C level is maintained.

MP Analysis

mp_jsw_final

As per Market Profile, 285 level seems to be a crucial support zone.

VSA Analysis

jsw-vsa.png

The down-bars are characterized by low volumes, which denotes the stock holders are unfazed with decrease in the value of the stock.

OI Analysis

oi_jsw.png

As per the OI Data, breakout above 300 can result in a huge short covering propelled by the Call writers.

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Signing off,

San

FIG Team

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