spicejet :
Trade set up :
1. buy above 83.80
2. keep stop loss as 73.75 on closing basis
3. targets : 100.75/109.10/119.40+
technical setup :
1. symmetrical triangle
2. cup & handle
3. breakout concept
note : price consolidation before breakout of both patterns , is a good sign for successful breakout trade .
sentiment, oscillators, opening economy all favor spice jet along with spice cargo IPO
box breakout after consolidation since April 21. fib levels mentioned in channel. education purpose only
1) With relaxation in all covid protocols and air traffic resumption to pre covid levels, airlines are gaining momentum back
2) Crude oil price gradually decreasing
3) Recent Quarter results shown reduction in losses
4) On monthly chart, Pennant BO is on cards
5) Momentum seen in recent price action
6) In current market fall this stock stood strong
Considering...
Spice Jet is forming an ascending triangle on weekly time frame . It also formed a morning star pattern on support trendline .
Rest one can understand from the chart itself.
It's been trading in range since inception and now the range is only of 10 points, any move above 85 will trigger a huge upside in the stock.
On a smaller timeframe, any move above 76 will push it towards 82 and then 82 to 85 levels will be very crucial for the upside, One can initiate longs above 76 in smaller quantity and add more above 85 with SL of 65
After watching continuously the chart of spice jet..i feel that something is cooking in this stock..as you can see there are three instances of a shakeout.
A shakeout this frequent can give an idea of someone accumulating and kicking weak hands out at the same time.
i believe its a buy above 75.
for a target of at least 50%
On a weekly time frame moving in a symmetrical triangle pattern
on which a strong weekly/monthly trendline support just at below stop loss
now on a daily time frame, a parallel channel is formed which create double confirmation
setup is failure-proof as two bullish patterns are formed along with different time frame
entry - 69
target - 77 , 80, 90, 100
{{Trade Setup}} : A Weekly symmetrical triangle is observed forming since Dec'20. Price breakout was printed on 13th Sep'21 supported by breakout volumes. After breakout & retest, price is sustaining outside the triangle range.
{{Targets /SL}} : A safe entry can be initiated above 82.65. Targets are set as the triangle pattern height at 118. SL will be a weekly...
keep an eye on Spicejet , its kissed nearly on breakout trendline , will boom if crossed but couldn't sustained further movt, IN upcoming WEEKS do include in watchlist .
Spicejet has given a strong breakout after 7 Month price following Symmetrical Pattern.
Expecting Targets hitting levels of 83, 94, 108, 120, 140.
Stop Loss can be around 65
This analysis is only for educational purposes and is NOT a Buy/Sell Recommendation.
Keep Trading Folks!
Nifty will be soon at 20,000
Go Long above 74.25 for Targets of 79.5, 84.75, 90, and 95.25 with SL 69
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618...
