Jubilant foodworks has broken the weekly downward trendline. After consolidating with high volume, it has broken the trendline showing its bullishness. 910 - 950 is the strong support area. However there is a hidden bearish divergence in RSI. Price may reach the support line again to get support.
Or it will move upward breaking the bearish divergence. Targets are...
Jubilantfood 847 is trading in a falling wedge, near to an yearly low now, with a positive divergence in MACD. Immediate resistance is 890 and TL resistance near 1000. On breaking the wedge it can move to higher level target 1400 in an year.
On weekly chart, Stock has taken support at downward sloping trend line which is PRZ of Bullish Butterfly Pattern. Stock has also formed bullish Engulfing candlestick pattern on weekly chart.
Downside support at 835-813
Level to watch on upside 930-980.
OI Analysis:
Price - UP
Volume - UP (nearly 2 lks high from previous day)
OI - UP (+11.70%)
Market - ** will decide on 27th dec**
If market is positive, then Jublfood will fly to heaven (otherwise) fall to hell when market is negative.
Trade:
Buy above - 797
Target - 809
Stop Loss - 787
Reward Points = ...
Jublfood is showing pattern which suggests that the correction might be complete and it is ready to go higher.. I would buy now with stoploss around 800 and Targets of 1000 and higher..
On Weekly chart we can see Jubliant food forming Bullish Shark, wherein we can see overlapping price action and bullish Bars( Hammer & Doji) near its prz area.
Positive Divergence can also be seen in RSI.
Break below the Prz area would invalidate the said probability.
Near term Resistance can be seen at 920-940 levels, hence stock might spent some time near...
It is been observed on the monthly chart that the price action breaks below previous important and major support levels of 970-940 indicating a big bearish move ahead. It shall now move further down to next support levels at around 750 levels in next few months.
Target 1: 852
Target 2: 800
Target 3: 785
Target 4: 755
SL: 1015
