Chart looks Prudent for yet another down move !!!
This is in continuation of the idea posted about jublfood few days back...Refer to it... I have attached below the link to it.(under related ideas)
Target and SL levels (dashed lines) mentioned in chart.
Be cautious if it breaks above the resistance line(thin red trend line) of the descending channel down...
NSE:JUBLFOOD , in hourly chart showing a clear downtrend after breaking one lower lows.
Then after making a nice up move upto point 4 in the chart, it unables to break the double-bottoms (1 and 3) W patten. At that time the volume candle was high. So it actually reinforces the downtrend.
Lets wait for it to break down the price corresponds to point #3 in the...
JUBLFOODS has prepared a nice Inversed head and shoulder pattern. And also it has broken out of that pattern very convincingly. Also 590-596 was a resistance zone which it had crossed successfully.
LONG position can be taken in this.
SL- 509 ( Ideally SL should be a last shoulder of pattern - but right shoulder is not very clear...
Jubliant foodworks has started upward rally can go min 15% till 681.95 or can go beyond it, till 780 2nd Tr. here minor wave 5 has started in which minute wave 3 is going on.
Note - before taking trade please do your own Research above shared views are for educational purpose.
JUBILANT FOOD WORKS
Jubilant FoodWorks has corrected 45% from its top & also market overreacted for its CEO's resignation. Also stock valuation corrected by this.
Stock supported at fib level on the weekly chart can be seen an upside move from these levels.
Can be good to add at 2500 levels or will be safe to add if it corrected to 2300 levels
So buy and hold...
📌 To Trade on This Chart, You Should Have Reversal Trading Knowledge. As Harmonic is One Of The Best Reversal Trading Strategy, But Always Remember That Harmonic Patterns Also Can Fail (there is no holly grail In Stock Market). That's Why One Should Must Have Knowledge Of Reversal Trading To Trade On Harmonic Patterns.
📌 That Dash Line Is Called...
Chart is for your information and the Target level in plotted in Chat also but remember one things This stock will outperform after corona over and expecting strong profit in Q3 21-22.Hold upto October end. May be 5000 can touch but my safe exit point is 4800 and good time to Invest.
This idea only for education purpose.