raghavendrakumart

Spice jet - struggle with trendlines. Aggressive buy.

Long
BSE:SPICEJET   SPICEJET LTD
237 views
5
Price is struggling with multiple trendlines .
Last price action is encouraging with a faster retracement of the last fall.

Major breakout above 71-72 levels.

Sequence of supports from 65 - 58 ad 54.
Trade active: Price is in a 3rd wave of some degree. Historically price rises sharply when it rallies.
Trade active: Price breaks out and sustaining. Expecting more upsides. 3rd of some degree is un-folding and rewarding.
Trade active: A breakout and a consolidation. Holding 68 levels , next leg of the rise should take prices to higher levels.
Trade active: The ride continues with price now at 93. Major breakout materialising.

Comments

Hi Raghavendra ji, i had booked profit back in June 2016 and had been wanting to re-enter this script but kind of it slipped out of my radar. Your post was very timely, I waited for the break out and re-entered at 72.5. Thank you very much.
Reply
@ ak direct,

3rd wave of some degree going on....after another intra-day consolidation. Price should unfold the next leg of the rise.
Reply
Agree.But I feel 68.5-69 poses a sht term /equities/spicejet-ltd-bse-chart#
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