Chart Check: Falling channel breakout on daily charts makes this steel stock an attractive buy

Jindal Steel & Power (JSPL) has broken out of its falling channel on the daily charts with strong volumes, indicating a bullish sign. Experts suggest that the breakout has opened room for the stock to retest its previous breakout zone in February 2023, and possibly even go beyond that. The stock is trading above most of its short and long-term moving averages and has formed a bullish candle on a monthly scale. The momentum is picking up as the RSI (relative strength index) moves higher towards 60 zones, and good momentum is seen in Metal stocks, suggesting that the stock is likely to outperform in the coming sessions.