JAIN IRRIGATION IS A COMPANY WITH GOOD BUSINESS DIVISIONS AND FUNDAMENTALS.
WHAT WENT WRONG FOR THE "SELECTIVE DEFAULT" STATUS AND WITH THE COMPANY?
I DO NOT KNOW.
FUNDAMENTAL INFO REGARDING THE COMPANY IS WELCOME BY COMMENTS.
PLEASE POST IT AS THE TECHNICALS ARE GIVING A NICE PICTURE FOR LONG TERM IN THIS COMPANY.
ONCE AGAIN, REQUEST TO SEND REPLIES.
Jain Irrigation is forming piercing candle pattern on daily chart. Any close above 22.70 would be positive as volume on reversal is day very high. Those who wants to trade only on candlestick pattern should put stop loss below 16. CCI is also showing positive divergence on daily chart.
Strategy 1 : Buy if stock is trading above 23 during 3-3.25 p.m. stop loss 16...
Jain Irrgation is trading in a descending parallel channel. You can see 3 support on channel from where it has earlier bounced. It has also formed head & shoulder on weekly chart. Percentage target of the pattern is 83% down from 46 level which comes at Rs 7. Lower support line of channel is also at Rs.7 If you go back to period of 2003-2006 then you will find...
inverse head and shoulder pattern has seen a neckline breakout on friday on one hour candle
breaking a long term downward trend
breaching through strong resistance of 57-58 for the first time in 4 weeks
Inside Bar + Weekend lvl 8
Also an Inverse CnH which is a sign of bearishness.
Long above 59.75, SL PDL
Short below 57.50, SL PDH
If short triggers, level of 57 might act as a minor support. Take trade according to your risk management.
If gap up or down, follow 5m ORB.