Unlocking the Power of Demand Zones: Jindal Steel Analysis

27 août 2023

Hello fellow traders! Today, we're diving into analysis of Jindal Steel, exploring some of the core concepts that every budding trader should know. 🌟

Understanding the Basics 📘

• LTF: Lower Time Frame - This is a shorter time frame for analysing stocks.
  
• ITF: Intermediate Time Frame - This provides a comprehensive view of stock trends.
  
• HTF: Higher Time Frame - This offers broader view of longer time.
  
• EMA: Exponential Moving Average - It represents the stock's average closing price over a specific number of days. A 50 EMA means it's taking into account the last 50 days.
  

Decoding Jindal Steel 🔍

• Jindal Steel is presently trading within the demand zones across three timeframes: LTF, ITF, and HTF.
  
• The HTF view shows the stock is at a firm support zone labelled as RBR.
  
• Although the daily (ITF) trend appears sideways, the stock's position in the weekly HTF demand zone adds a bullish tilt. The proximity of the price to the 50 EMA in the ITF confirms an upward trend over the last 50 days.
  
• In the LTF, we notice a distinct pattern named DBR with five base candles. The leg-out candle is robust, and the follow-through seems promising.
  

Trading Strategy and Insights 💡

• Considering the comprehensive scoring, a score of 12 emerges, indicating a positive outlook.
  
• 631-632 price is potential buying levels.
  
• The stop-loss (SL) can be set slightly below the 125-minute demand zone, around the 623 mark.
  
• On the upside, a target price can be positioned just under the 125-minute supply zone, approximately at 662. This offers a risk to reward ratio of 1:4.
  

Your Action Points 🌟

• Analyse the data, ensure you understand the underlying concepts, and make informed decisions.
  
• Always remember: "In trading, patience is not just a virtue, it's the key." 🔑
  
• Your feedback means the world! Please like, comment, and follow for more insights. Every interaction counts!
  
• Don't forget to follow me for more analyses: in.tradingview.com/u/AfnanTAjuddin/

Disclaimer: The above analysis is purely for educational purposes. I am not a SEBI registered analyst. Always conduct your research before making any investment decisions.



Thank you for your continuous support🌟

29 août 2023

Note