JWL Stock Analysis by Yagnesh Patel
Yagnesh Patel 
JWL Stock Analysis by Yagnesh Patel
JWL Stock Analysis
- Recent Price Action: In June 2024, the stock reached a new high but started a gradual correction afterward. This slow and steady pullback is a healthy sign after a strong upward move, allowing the stock to consolidate.
- In August 2024, the stock created an important swing low and bounced back. However, this rebound was not sustained, and the price retested the same swing low, signaling potential weakness for bulls. Despite this concern, the stock broke below the swing low only to recover and sustain above it, suggesting a false breakout. This is a bullish indicator, implying potential upside movement.
- Weekly Chart Analysis: The stock is taking support at the 50% Fibonacci retracement level, which is a key mid-term support zone. This aligns well with the false breakout seen on the daily chart, reinforcing the bullish sentiment.
- RSI (14-period): The RSI dipped below 40 during the correction but has since recovered above 40 following the false breakout in price. This RSI behavior indicates renewed strength in the stock and further supports the case for a bullish move.
Conclusion: It is a high possibility stock may go higher from cmp – 553
Important Resistance: 580 – 602 – 670
Important Support: 535 – 511 – 470
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Analyst: Yagnesh Patel
SEBI Registered RA
Registration Number: INH000016320
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