Metals and Commodities stocks have been out of favor for long time now but here's one stock that has defied all odds and knocking at the door of all time high.
The Stock is JSW Steel
Here's monthly chart
Since 2008 - JSW Steel has been trying to break 1350 but it has failed every time it tried to do so. The big question: Can it do it in the CY 2016. What will that mean for the stock? A breakout will be initially greeted with suspicion by fundamental analysts but technically - breakout means good things in future for the stock. So, JSW Steel is a good watch as of now and let's see whether the stock breaks out or not? At this point of time - stock is making an effort to breakout. Breakout has not happened
Do you like reading Market Observations and don't want to miss it - then Like our Facebook Page. Market Observations will show up on your facebook timeline. Please do share on social media if you like the analysis.
Please share your comments on what you think of market observations, market and trading in general
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers