ISL International Steels Limited Short-Term Analysis 06 Feb. 2018

Turning Down

Our Pivot: 133.40

Our Preference: Short Sell ISL as long as its trading below 128.50 and average it out till 130.47 with strict stop loss of 133.40 and profit target at 118. Downward penetration of 118 would call for further expansion towards 113 and 106. 

Alternate Scenario: Upward penetration of 133.40 would call for 137 and 137.90.

NOTE: ISL is capped by a resistant trend line which was previously supporting its bullish trend along with a horizontal resistant region at 128.50 and during last trading session crossover of these both lines have pushed ISL in bearish zone . Weekly and hourly stochastic are in bearish momentum and it seems that ISL would not become able to close above 130.47 during this rally which would push it in negative direction for a correction of its current bullish run.

Daily Chart with Supports and Resistances: