Jain Irrigation is forming piercing candle pattern on daily chart. Any close above 22.70 would be positive as volume on reversal is day very high. Those who wants to trade only on candlestick pattern should put stop loss below 16. CCI is also showing positive divergence on daily chart.
Strategy 1 : Buy if stock is trading above 23 during 3-3.25 p.m. stop loss 16...
Jain Irrgation is trading in a descending parallel channel. You can see 3 support on channel from where it has earlier bounced. It has also formed head & shoulder on weekly chart. Percentage target of the pattern is 83% down from 46 level which comes at Rs 7. Lower support line of channel is also at Rs.7 If you go back to period of 2003-2006 then you will find...
There is an opportunity of swing trade in Jain Irrigation.
Stoploss: below 79.8.
Reward/Risk Ratio : 14/6 = 2.33.
According to the Fibonacci extension, the 3rd wave should be around 1.5-1.6 times bigger than the 1st wave, which leads us to around 99-101 levels.