AbhishekHSinghCMT

Jet Airways- Trading The Turbulence@410-413 Zone- What Next?

Long
AbhishekHSinghCMT Updated   
NSE:JETAIRWAYS   JET AIRWAYS INDIA
18
Trading The Turbulence@410-413

Jet Airways Ltd. On Friday posted a nearly 70 percent fall in its third quarter net profit at Rs 142.38 crore as a steep rise in fuel costs and other expenses took a toll on its bottom-line. The full service carrier had a net profit of Rs 467.11 crore in the year-ago period.

Technically, we traded this turbulence price wise & I never knew that Jet is going to post jumbo fall in its net profit.

The bounce from 333-336 zone -a double bottom zone to 425 was a large corrective structure- Wave X. In the last update -it was suggested that going below 410-413 zone -putting stops@419-once it slips below 410. As soon as it slipped below the desired level, it travelled all the way to 397-400 zone initially & later extended to 375 which was recent low. A trader who can take risks & manage it properly (risk management) by trailing the stops could reap huge profits, but unfortunately we should believe what has happened & not what could have happened.

The fall from 425 to 375 -looks impulsive in nature & getting rejected in the 375-377.

What Next?
Keeping 375 as support in the coming session, we can expect sideways to positive bounce to the zone of 393-400 in the upcoming week. Once done, I shall come back again later.

You would also love to read my previous analysis as mentioned below(click the charts)
Jet Airways -Bigger Triangle (Interesting half of year 2017)

Jet Airways - Going below 515 & 507 - down leg to start

Latest- Weak below 410-413 zone



Previous Analysis-
Latest Analysis Target Achieved - weak below 410-413 zone

Jet Airways - Bigger Triangle - Interesting Half of Year 2017

Going below 515-507 - down leg to start- Enjoyed the surgical strike
Trade active: 10:53 Hrs 6th Feb2017

Last Price@374.70

375 did not hold & made a low@363.85 so now we will wait for the price to cross upside of falling trendline -once it does -then it travels to 395-400 zone where we need to inspect what next.

Trade active: 10:59 Hrs 7th Feb2017

Last Price@382

It crossed the trendline & got an opportunity between 376-378 -Now we will trail the stops to cost so we do not lose anything & just gain only in the zone 393-396 is the target zone.

Trade active: 10:40 Hrs 8th Feb2017

Last Price@380.40

Jet is struggling at the moment between 380-383 Likely can retest falling trendline & take support in the zone 365-368 then likely we think to buy with stops below 363 & target 393-396 or sustaining above 383 -we will look to buy for target zone 393-396.
Trade active: 12:37 Hrs 8th Feb2017

Last price@376.50

We are in the sell trade

Awesome - It falls from 380-381 zone -------Hurray!!!
Trade active: 17:27 Hrs 8th Feb2017

Pre Action Screen Image for Jet

Trade active: 17:28 Hrs 8th Feb2017

Last Price375

Day Low@372

Post Action Screen Image

Trade active: 17:29 Hrs 8th Feb2017

Closing Price@375

Day Low@372

As expected in the update@10;40 Hrs today@8th feb2017 when it was trading between 380-383- expected that likely it retest the trendline - Bang On! indeed it went close to 372.
Trade active: 12:25 Hrs 13th feb2017

Last Price@368

Kissed the zone 365-368 - Shall wait to see the market reaction from here onwards.


Trade closed: target reached: 16:45 Hrs 14th Feb2017

Closing Price@362.65

Shall continue in the latest post of Jet Airways.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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