The stock tried to bottom near March 2020 lows which also coincided with the 23 Oct 2018 gap zone at 2083.
After a couple of attempts the stock finally broke the lows in April and took support near an important monthly level at 1912, which has also been 61.8% retracement of BajF's life time bull market. The stock faced a strong upside bounce of 26%.
It tried to hold this low for some time before breaking it down in May to make a new low.
In my personal opinion although the stock is structurally weak and making new lows yet there is not much downside conviction.
If one is looking to go short, one has to wait for deep retracements. On downside there is a weekly support at 1818 for the short term.
Longs can not advised for short to medium term unless the structure changes to HH and HL. For long term, buying can be done in pieces near the support areas mentioned on the chart.
Hope this information will be useful.
Regards
After a couple of attempts the stock finally broke the lows in April and took support near an important monthly level at 1912, which has also been 61.8% retracement of BajF's life time bull market. The stock faced a strong upside bounce of 26%.
It tried to hold this low for some time before breaking it down in May to make a new low.
In my personal opinion although the stock is structurally weak and making new lows yet there is not much downside conviction.
If one is looking to go short, one has to wait for deep retracements. On downside there is a weekly support at 1818 for the short term.
Longs can not advised for short to medium term unless the structure changes to HH and HL. For long term, buying can be done in pieces near the support areas mentioned on the chart.
Hope this information will be useful.
Regards
Comment:
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
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Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020