-As we can see a pin bar or inverted hammer pattern that denotes exhausted bulls.
-Target will be fib retracement levels
-And this could be the new impulse wave-1 to the upside, which I'll later on confirm.
JetAirways is giving a potential Buy opportunity as it was forming and ending diagonal with divergence.. With bullish candlestick pattern supporting the analysis for long I would buy now for target of 400 and beyond..
Jet Airtways has been trading in bearish channel and is now on the edge of long term support. it may go either way on Monday,traders may wait to see the breakout downward, if occurred the short entry is advised with a target of 314, of if open green it may trade inside the bearish channel and will head towards channel resistance 416 in near term.
Jet Airways trading in bearish channel trend since last six months, it has touched long term support today and also form a bullish hammer indicating the bullish move, it may go upward from 428.75 with a target of 510.00 in near term, trader may go long in this stock at CMP, before entry do cautious the breakout downward if it breaks support then it will further...
It is been observed that the price action broke out of the Descending Triangle on daily chart after a short consolidation highlighted in blue. That breakout made a Lower Lows at 453 levels from previous Lows made at 477, therefore it indicated bearishness. Now, the price action has made a New Lower Low at 448 levels, signaling higher weakness and prices fall...
Stock seems to be forming 5 wave impulse in downward direction. Some more downside possibly till previous low looks likely. Volumes at low are still low even in daily charts indicating buying has still not happened. Would look for divergence for confirmation of bottom.
Yesterday, the price action broke out through the downward trending line on hourly chart, where it confirmed the retracement as well. Now today, it is been getting over from the previous break out levels that indicates trend continuation. I believe it shall reach to 61.8 retracement level of the said down ward move.