Daily
Jindal Steel doesnt look very convincing to trade, but looking at the trend, it seems there is more downside to Jindal than upside. But maintain strict stop loss for this stock.
315:
3ema is below 15ema, which means bearish trend intact. Yesterday the price bounced back from 15 ema.
15ema in 30 mins stands 385.1. This should be the entry price.
Ichimoku:
Cloud has formed a tough resistance for the price to break. Tenken also proved to be a resistance for the price yesterday. So if the price breaks the cloud, we exit the trend or reverse the trend.
Patterns
Line drawn along the previous highs shows that yesterday the price touches the resistance line and fell!
Weekly
Weekly shows the continuation of downtrend to form a double bottom.
315:
3ema is below 15ema, which means bearish trend intact. There was an attempt of 3ema going above 15 ema, but it fell back below the line the following week.
Ichimoku:
Tenken stood as a resistance for the price, and the stock never managed to cross this price indicating further downside. If you look at the recent upside from the weekly lows, it met with resistance at kijun from where the stock came down.
Patterns
No patterns
Monthly
Monthly shows sign of starting a new red candle, but it is too early to say (this is only the beginning of the month).
315:
Nothing to infer here.
Ichimoku:
Tenken is in the opposite direction, so there is a possibility of price reversal towards tenken, 492.2, but this would mean re-entry into the cloud. If re-entry happens, then the trend will change to long. Probability is low because there was an attempt to enter the cloud, which failed and the price has come out of the cloud again.
Patterns
Start of the bearish candle this month. Target 326, this is the price touching the support line drawn from the previous two lows!