Although the stock is in down trend and even in the bull market it is making lower low but a short term long trade is possible on the basis of today's Bar which offers good risk to reward ratio. One can buy the stock for a target of 400-410 providing the stop loss of low of today on closing basis.
If Jet Airways sustains below 410-413 zone -likely selling pressure can be seen & initially could travel into 397-400 zone. Going below 410 -strict stops to be maintained above 419.
Last update we had a bounce above 403 to expected close to 418.35 -if 418.35 would have held -it could have been selling trade keeping 418.35 intact.
Unfortunately, we should trade...
Its been observed that JETAIRWAYS is @ daily downward trendline - Facing Resistance at 412. This can go further down once dips below 400 mark.
TP: 380
SL: 415
Box has 3 legs - shown as green arrow upside- red arrow downside & pink arrow upside again to recent high@418.35
Trading Strategy
We will look for a bounce close to or in the zone 410-415 -likely in the zone shall be preferred more as our risk element becomes very less -if you see it fails to take out 418.35 recent high & starts falling back below 410 marks...
Getting strong support at the price 338 Jet Airways started its journey smoothely irrespective of the rough weather. RSI shows positive divergence and downward trendline has broken. Buy Jet Airways with stop loss 350. Targets are 400 and 423. Its a long journey, long trade. Happy Trading! in.tradingview.com
Jet airways must be ignored or shorted. Its relative strength in comparison to Nifty is very poor. When Nifty will fall on Tuesday, it will lead the fall. Evn after the fall is Nifty is completed, this stock shall not be bought!
It is been observed on the daily chart that the price action breaks above the downward trendline and it shall now move forward to 38.2% and 50% retracement levels.
Target: 355
Target: 360
Stoploss: 341
Jet airways is landing down slowly and gradually. Unless it forms a double bottom at 338, it will fall further. As of now it is trending in channel. If the price can not sustain above 366 we can go short at the price 363 with stoploss of 367. Targets are 358 and 353. Happy Trading! in.tradingview.com
Approx 200 points fall below a trendline connecting lows@507 & 515. Recent low was 336. Can it touch 240-250 zone in coming months.
Recent Analysis Attached Below- How it all started with Jet Airways finishing its fuel above 500.
