Jet Airways- Trading The Turbulence@410-413 Zone- What Next?Trading The Turbulence@410-413
Jet Airways Ltd. On Friday posted a nearly 70 percent fall in its third quarter net profit at Rs 142.38 crore as a steep rise in fuel costs and other expenses took a toll on its bottom-line. The full service carrier had a net profit of Rs 467.11 crore in the year-ago period.
Technically, we traded this turbulence price wise & I never knew that Jet is going to post jumbo fall in its net profit.
The bounce from 333-336 zone -a double bottom zone to 425 was a large corrective structure- Wave X. In the last update -it was suggested that going below 410-413 zone -putting stops@419-once it slips below 410. As soon as it slipped below the desired level, it travelled all the way to 397-400 zone initially & later extended to 375 which was recent low. A trader who can take risks & manage it properly (risk management) by trailing the stops could reap huge profits, but unfortunately we should believe what has happened & not what could have happened.
The fall from 425 to 375 -looks impulsive in nature & getting rejected in the 375-377.
What Next?
Keeping 375 as support in the coming session, we can expect sideways to positive bounce to the zone of 393-400 in the upcoming week. Once done, I shall come back again later.
You would also love to read my previous analysis as mentioned below(click the charts)
Jet Airways -Bigger Triangle (Interesting half of year 2017)
Jet Airways - Going below 515 & 507 - down leg to start
Latest- Weak below 410-413 zone
Previous Analysis-
Latest Analysis Target Achieved - weak below 410-413 zone
Jet Airways - Bigger Triangle - Interesting Half of Year 2017
Going below 515-507 - down leg to start- Enjoyed the surgical strike
