ASTL Amreli Steel Limited short term analysis 17th Nov. 2020

Rebound Insight

Our Pivot: 35.87

Our Preference: Start buying ASTL above 39 and average it out till 37.50 with strict stop loss of 35.87 and profit target at 42.20 with extension towards 44.30 and 45.50.

Alternate Scenario: Downward penetration of 35.87 will call for 33.50.

NOTE:  ASTL is being supported by a descending trend line along with a strong horizontal supportive region. Hourly momentum indicators have changed their direction towards bullish side.

Daily chart with supports & resistances: