A H&S Shoulder pattern indicates easy testing of the trendline again. Please keep a strict stop loss since the break of the trendline and below our SL level will be a downfall in the stock. The trendline is very very important since the trendline is being followed for the last 11 months, and hence the stop loss should not be modified unless asked to do so.
Background Although fundamentally Jindal Stainless is better than Jindal Saw, however, since Jindal Stainless broke the trendline and is giving a sideways movement.
Buy around 67.8 with an SL of 64.3 (3.5 Rs stop loss) for a target of 76, 86, 90, 114 Let us assume Max Loss: 3.5 points Max Profit: 8.4, 18.4, 22.4, 56.4 One can hold until 86 with an SL of 81. Profit at 86: 18.4 points Risk Reward: 1:4