JKTYRE weekly chart study
1) Triple top bearish divergence on RSI
2) MACD bearish divergence showing depleting strength in the prevailing bullish trend
3) In coming days it could test 155-150 level.
4) below 135 the correction up to 100 could be quick and swift
Today positive breakout seen in JK Tyre & Industries, which broken above 200DMA and 6 month old trend.
Currently closed at 153.5, if stays strong above 154 it can reach 200+ level in short to mid term.
Keep stop loss at 145 on closing basis.
Price seems to have completed a Wyckoff Spring in the hourly time frame. The stock is in a uptrend in the daily time frame. A breakout past the recent high of 185 would be a positive outcome and strengthen the case for the Wyckoff Spring argument. The occurrence of this Spring at the "Breakout-Retest" zone in the weekly & monthly time frame strengthens the bullish...
Everything in chart. This is a follow up on the weekly breakout.
The stock is at a trend line support and has given a positive candle today signaling upward move.
Showing good signs on daily too with a potential ascending triangle. Good Luck.