SpiceJet 2016 Diary- Critical Zone 54-55 Playing Major Role

When Spotted last at 65-67 in Year 2016- Updated that 54-55 is the key & a critical zone for the Spicejet-if gets broken, then It shall move in next leg down to complete the E-wave.

Critical Zone acted as support recently & it turns from recent low of 55.50 to current levels of 58- this stock is trapped- likely has great chances of moving down in the months ahead so let us hold.

This is how we moved in 2016

In below shown chart- click the chart & use load bar feature
Trade active: 11:25 Hrs 10th Jan2016

Last Price@64

Jumped from 54-55 -short term.

Trade active: 08:12 Hrs 18th Jan2017

Last Price@65

Moving above 67- likely it heads to 70-71 zone where it faces resistance from falling trendline

Trade active: 12:08 Hrs 22nd Jan2017

Last Price@63.80

As if now, 67 has acted resistance to recent upside move from 54-55 zone.
Trade active: 11:27 Hrs 15th Feb2017

Last Price@59

Look how 67 acted as resistance

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

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