JSW Energy is in an uptrend. During this uptrend the counter went into the consolidation from 11th May 2021. The consolidation was preceded by an impressive up rally. The price gave an upward breakout to the consolidation on a daily chart on 1st June 2021 and closed at Rs.126. This breakout has a massive volume support. I anticipate the price target of Rs.156. This price target is expected to be achieved in around 13-18 daily candles. I suggest the stop loss at Rs.120. The risk-reward ratio is 1:5. The stop loss should be followed for the first 4 daily candles. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever is earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment based on this idea, if any, shall be at the sole risk of the investor.
NOTE: This idea is an attempt to predict the future price movement. Investment based on this idea, if any, shall be at the sole risk of the investor.