JSW STEEL
By ceoaisra, Section AISRA NEWS
Posted on Mon Aug 04, 2008 at 01:50:37 AM EST
JSW Steel has exhibited a strong up day on Friday as the stock moved above thes five days high and closed with strong trading volumes. The target for the stock to get back into a fresh intermediate up trend is at 807.30 and a close past this level will give thestockatargetof900on the upper side. This is also the 200 DMA level and traders can look to book profits at this level. The weekly MACD histogram has been exhibiting an ascending bottom indicating that the downside momentum is fizzling out and traders can look for long positions in the stock for a position trade. The earlier intermediate top for the stock is at 1203.45 and this level will have to be crossed if the major trend has to turn up.
