The stock price has broken out from the pennant pattern on the daily chart. 'Pennantis' a continuation pattern, which indicates pause after a sharp rally. On December 15, the stock took out the crucial resistance of Rs 1,080 with healthy volumes. The stock is placed above all important moving averages.
The metal sector has been outperforming for the last couple of months. JSW Steel has broken out from the bullish 'Flag' pattern on the daily chart. 'Flag' is a continuation pattern, which indicates a pause after a sharp rally. The stock took support on its 21-day EMA and bounced back sharply on December 15. Indicators and oscillator setup are bullish on the daily and weekly charts.
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