On the , we also see a (i.e. Bears are losing strength).
If this were to break then the next logical support is at low 200s.
If one were to enter at the without confirmation then it would be a gamble that could cost a loss of 50%.
Fundamentals: A few days ago, Media reported "Can't fly beyond 60 days, Jet tells Staff". Following this Jet Airways made a statement refuting such accusations (called it incorrect and malicious). *In my unprofessional opinion, might just have been a hoax by large operators to fill up their limit buy orders, pure speculation*. The company also denies any talks of a stake sale.
This year marks the highest losses for Jet Airways. Their operating profits are down to 3% whereas last two years they reported close to 13%. This could be due to the rise in Crude Oil prices. The inverse relationship of crude oils prices and aviation sector is very evident. If Oil were to push to $100 which looks unlikely at the moment then Jet Airways would be really in trouble. Govt subsidies would need to bail aviation sector out. Whereas on the flip side if Oil sees a correction to $50 then we have a green flag to hold for the next 2-3 years.
Another major spending that Jet Airways needs to deal with is, Maintenance costs. But in their defence, Jet owns some of the oldest flights in India so it would be unfair to compare maintenance costs with new airlines like IndiGo.
I believe in a few days, Jet will be publishing a report. After a complete analysis of the report, we might have more to go on.
Conclusion: I will be buying in only if I see a bounce and a second retest of the . Sometimes in life, contrarian calls pay off.
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.