JSW Steel Stock (JSWSTEEL) Makes Bullish Cross: Shaping for Potential Breakout?

JSW Steel (JSWSTEEL.NS) shares are exhibiting strong technical signals, suggesting a potential bullish breakout following a period of consolidation. The stock's recent performance, coupled with positive technical indicators, has captured the attention of markets, hinting at a possible upward trajectory.

The stock has demonstrated resilience and positive momentum since the start of September, breaking out from a flag pattern and a four-month consolidation range on the daily charts. 

Further bolstering the bullish case, a symmetrical triangle pattern has been observed on JSW Steel's daily chart. This pattern, characterized by converging trendlines since mid-April, signifies a period of market indecision that typically precedes a strong directional move. Currently trading near the upper trendline and above the 9, 13, and 26 Triple Exponential Moving Averages (TEMA), the stock demonstrates short-term bullishness. 

Adding to the positive sentiment, a bullish MACD crossover occurred, when the MACD line crossed above the signal line. This event is widely interpreted as a bullish signal, suggesting a potential uptrend. Following this crossover, the stock closed at ₹1,145.50.

Fundamentally, JSW Steel's Q1 FY26 update in July, which reported a 14% year-on-year increase in consolidated crude steel production, further fueled bullish sentiment. 

As of today, key technical indicators paint a bullish picture. The RSI (14) stands at 56.01, signaling a “Buy,” while the MACD (12,26) registers at 0.54, also indicating a “Buy.” Moving averages across various periods further reinforce the “Strong Buy” signals, collectively suggesting a favorable outlook for JSW Steel.

Technicals only form one small part of the picture, and a proper fundamental look should be undertaken before making any moves one way or another.