Flight 01 (Up)
Investors who want to enter in the stock can wait for a breakout above 1800 levels on with good volumes in order to confirm the up trend in the stock. In my opinion, the company needs some positives news to support the breakout that could be
"Foreign countries open up for Indian travelers" "India's recovery from Covid19" "Rate-cut in fuel pricing"
I believe it may take another 2-3 months to hear such good news, therefore price action will keep consolidating for a while.
Boarding: Once price action breaks above 1800, next destination 2000 levels.
Flight 02 (Down)
A correction can be seen from current levels as the price action is at previous where previous sellers will again offload their holdings and increase supply in the market. It may further take down the price action to around 1600 levels.
Some of the bad news hovering around the stock that may push the price action further down.
"Fuel cost went up" "Net loss widens" "Third Wave may come" "Restrictions on travelling"
Until we see improvement in next quarter results, I believe price action may still continues to consolidate.
Boarding: Below 1720, Destination 1670 & 1620, SL - 1770
I shall be updating the stock direction and targets once I notice clear breakouts on either side.
For now, keep it handy in your trade watch list.
Appreciate your time, Regards
I shall look hourly candle to close above 1800 levels to enter in the stock.
Conservative Traders may enter once it closes above 1800 levels on hourly or daily chart for strong confirmation of breakout.
Therefore, I mentioned Hurdle Levels in the below chart that may guide which direction to go for. Trade what you see and not what you expect. Regards