Spicejet is at a level which historically has acted either as a strong resistance or strong support.
If the level is held then Spicejet has a strong possibility of jumping back to 95 / 102 odd levels.
On a fundamental note
- Corona virus fears have let to many flight cancellations
so in the short term, things could be difficult
- but recent price drop in...
Spicejet is having a 3 year long support at 119.00 and has closed above the support today. It broke this support recently but got support of descending angle and recovered. Till 1st Nov if the stock manages to close above 121, the stock may turn bullish.
The last descending angle from the ATH is proving to be a strong barrier for the scrip. It has bounced and came back below this line at least four times. Now the angle has descended enough to 140, which if crossed and the stock remains bullish, we may see a level of at least 190 in intermediate term.