Can Jindal Steel, SAIL, NMDC bounce back? Here's what technical charts say

The Nifty Metal index is currently trading below the neckline of 3450 along with 100-day exponential moving average (EMA) at 3345.

NIFTY METAL: The index has formed  'Head and Shoulder’ on weekly scale with a clear breakdown. The index is currently trading below the neckline of 3450 along with 100-day exponential moving average (EMA) at 3345. The chart pattern theoretically denotes negative trend, which means that it can slip further from the current levels.  The trend will reverse only of it can sustain above its 200-day EMA at around 3070 levels. The index currently hovering at 3,120 - above its recent low of 3092 and previous support level of 18 months at 3,062.

JINDAL STEEL: The stock has