NSE:JETAIRWAYS has corrected nicely recently falling from the levels of 590 to sub480.
Jet airways seems to be respecting the support trend line. Stock made a dogi to signal the time for reversal. RSI of stock also suggest oversold stock.
Buy Jey above 490 (aggressive buys can buy above 484 with high risk)
Target - 530 / 540 / 580
SL - 470
Lower levels does attract some value buying and this stock can be considered for a lower level buying opportunity. As the price treads into the support zone around the 6 month low and also combining at these levels are the lower channel of the downsloping Pitchfork that has arrested the prices and producing a rebound. One can look at this stock for some long...
It is been observed that the price action breaks above the resistance zone of 610-620, which is now become a support levels for the further move up. Indicating buyers comeback after a short consolidation.
Target 1: 650
Target 2: 660
AB=CD pattern on Jet Airways on weekly timeframe and the price already started to fall. It may be late entry at present level but still it will fall further downside. Grab the seat on jet airways.
Short - CMP
Target 1 - 542
Target 2 - 505
Stop loss - 596
It is been observed on the daily and hourly chart that the price action is forming lower lows and lower highs, indicating a weakness in price action. Now, it shall further dip down to next support levels. It is a broadening wedge pattern.
Price seems to have found nice support near 370-380 zones on the weekly charts. Last week's rise seems to be an indication of buying interest at support.
Once the levels of 430 is crossed on the charts, a short term move to 480-500 seems possible.
Will consider for Long next week on a small retracement.
SL below low of last week is a bit steep for my liking....
Here, i have identified a potential long setup in JetAirways.
It's a short-term positional trade.
CMP - 378
Date - 6 Feb 2016
I have written notes on chart to help you trade.
Will be updating you.
Although the stock is in down trend and even in the bull market it is making lower low but a short term long trade is possible on the basis of today's Bar which offers good risk to reward ratio. One can buy the stock for a target of 400-410 providing the stop loss of low of today on closing basis.
Jet airways must be ignored or shorted. Its relative strength in comparison to Nifty is very poor. When Nifty will fall on Tuesday, it will lead the fall. Evn after the fall is Nifty is completed, this stock shall not be bought!
It is been observed on the daily chart that the price action breaks above the downward trendline and it shall now move forward to 38.2% and 50% retracement levels.