Retracement ( correction ) from 127% ( 183.80) to 100% (332.60) fibo is over and today it has broken below 61.8% (240 ) fib.
selling below 240, with sl 253 - swing trading for target of 215, 206, 189, 160
JETAIRWAYS has been in a strong uptrend and the price action is just giving signs of more upside movement. The up and down arrows determine major swing highs and lows. Long at current levels with a stop loss below previous swing low of 566 which would indicate a change of trend. Keep the trade until it shows signs of weakness or becomes range bound.
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
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.
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.
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.