This metal sector stock should be on your watchlist!
The stock of JSW Steel Ltd surged 2.23 per cent during Tuesday’s trading session
The stock of JSW Steel Ltd surged 2.23 per cent during Tuesday’s trading session and closed at the level of Rs 696.50. Moreover, it has jumped more than 22 per cent from its recent low made on February 24, 2022.
The stock has witnessed a descending channel of a seven-month breakout on the daily chart. Furthermore, the breakout was witnessed with a sizeable bullish candle, which was accompanied by average volumes. This setup indicates strength in the stock.
The MACD line is trading above its signal line and zero line, which indicates a positive trend in the stock. Moreover, the MACD histogram is rising steadily and is above its prior high. The 14-period RSI is rising and has crossed above its prior high. It has crossed above 60 and shows bullish momentum.
In addition, the stock is trading above all the short and long-term moving averages. This setup is indicating a clear uptrend in the picture of the stock.