ISL International Steels Limited Mid-Term Analysis 7th Feb. 2019

Turning Down

Our Pivot: 83.60

Our Preference: Start short selling ISL below 78.50 and average it out till 80.45 with strict stop loss of 83.60 and profit target at 70.34 with extension towards 65.58.

Alternate Scenario: Upward penetration of 83.60 will call for 91.40.

NOTE: ISL have completed 50% correction of its last bearish rally and now its being capped by two strong resistant elements at 78.50 and 80.45 Rs/share respectively, while daily and weekly momentum indicators have changed their directions in bearish side and these would try to lead prices towards 65 Rs.

Weekly Chart with Supports & Resistances: