SPICEJET trade ideas
SpiceJet 2016 Diary- Critical Zone 54-55 Playing Major RoleWhen Spotted last at 65-67 in Year 2016- Updated that 54-55 is the key & a critical zone for the Spicejet-if gets broken, then It shall move in next leg down to complete the E-wave.
Critical Zone acted as support recently & it turns from recent low of 55.50 to current levels of 58- this stock is trapped- likely has great chances of moving down in the months ahead so let us hold.
This is how we moved in 2016
In below shown chart- click the chart & use load bar feature
SpiceJet- Into 2017- Double Bottom Break & E-Wave into 25-40Since Sep2005 highs@115- SpiceJet has been moving sideways between upper boundary 100-115 to between 10-15 as lower boundary.
In short term chart- there is a double bottom of the zone 54-55 zone, which is yet to finish its larger E-wave & biggest opportunity of the decade could be knocking your doors in June -July 2017 in the zone where E-wave completes 61.8% of C-wave & at 26 -it completes 78.6% which could be the zone-I shall be looking to add Spicejet in my portfolio.
Short Term Opportunity-
Sell below 54-55 for target zone 40-45
Long term Opportunity
Buying in the zone 25-40 -which I will come back again once Spicejet reaches that zone.
SpiceJet- Have patience for break below 54-55The zone of 54-55 has held SpiceJet for almost 9-10 months. Once it breaks below 54-55- SpiceJet will also join the party with Jet Airways.
Related Analysis Attached Below
