Nimish_Ghagare

Swing Opportunity in JTEKT India

Long
NSE:JTEKTINDIA   JTEKT INDIA LTD
Go Long above 107.1 for Targets of 114.45, 121.8, and 129.15 with SL 99.75

Reasons to go Long :

1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.

2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.

3. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.

4. The stock may go up to the Trendline (marked with red color) and face resistance. Our final target is just below this trendline.
Trade active: Entry triggered on 20 Sep 2021
Trade closed: stop reached: SL hit on 25 Oct 2021
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