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.
-As we can see a pin bar or inverted hammer pattern that denotes exhausted bulls.
-Target will be fib retracement levels
-And this could be the new impulse wave-1 to the upside, which I'll later on confirm.
JetAirways is giving a potential Buy opportunity as it was forming and ending diagonal with divergence.. With bullish candlestick pattern supporting the analysis for long I would buy now for target of 400 and beyond..
Happy Trading!!
It was interesting fall from 796 to 440 and now made 52 Week low at 336. And finally last week RSI reached 25 levels. So its a clear buy with initial target of 380 sustaining above this level can take further upside. Keep the stop loss below the recent low of 336.
Gartley Pattern
Point B : at least 61.8% retracement of XA leg , should not touch or close above 78.6 retracement
Point C: at least 61.8% retracment of AB leg ,should not touch or close above 78.6 retracement
Point D: 127.2% extention of AB.
Jet airways formed a bullish gartley pattern on weekly charts .
Buy at 380
Target 505
SL at 314 (on weekly close basis)
Jet Airtways has been trading in bearish channel and is now on the edge of long term support. it may go either way on Monday,traders may wait to see the breakout downward, if occurred the short entry is advised with a target of 314, of if open green it may trade inside the bearish channel and will head towards channel resistance 416 in near term.
Holding 360 - if Jet bounces & travels upside first to 385-389 zone. Above 390 can travel to 410-420 zone- if this happens then we will conclude that 3rd wave is getting subdivided.
Key Support-360
Falling From Triangle
Double Bottom in the zone 370-372 zone if holds, then likely we can expect a bounce for Jet Airways in the coming session.
This scenario can play out once it holds above 370 & most likely if crosses 390 then it can go deep upside possible 420+ zones- which is premature now- so, keep a watch on the counter.
Leaking from the triangle
Jet air seems to have broken down from a triangle after the stock broke out of the multi week multi month triangle on the upside.
The lower trendline of the previous triangle may act as good support.300-320 seems good buy price
The fall from 562.40 to 443 which was wave-1 retraced 38.2% in 488 was a good opportunity for taking sells or a break of 450-453 zone was another chance for taking sell positions as updated in previous updates. In the zone 360-365 it will measure equality distance travelled in wave -1 down from 562.40 to 443 -which will be minimum distance- it should travel atleast.
