Price can be expected to head higher in the days ahead, potentially towards Rs 235 and Rs 250 marks. View will invalidated if it closes below Rs 205 mark, says Shabbir Kayyumi of Narnolia Financial Advisors.
Moneycontrol News
Shabbir Kayyumi
Jindal Steel & Power is in a correction mode since early 2018. A bullish Sea-pony harmonic pattern visible on the chart of Jindal Steel is a bullish reversal pattern based on various Fibonacci ratios and one which marks the end of a price decline.
Low of Rs 208 made by Jindal Steel on 28th June is the inflection point D of this harmonic pattern that started getting built when Jindal Steel had hit of yearly high of Rs 294 in January 18.
Price is expected to find a bottom here and potentially reverses to the upside. Formation of Morning star on daily chart is likely to set stage of bottoming out around Rs 215-220 zone.
Price can be expected to head higher in the days ahead, potentially towards Rs 235 and Rs 250 marks. View will invalidated if it closes below Rs 205 mark.Disclaimer: The author is Head - Technical & Derivative Research, Narnolia Financial Advisors. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jul 2, 2018 08:32 am