JKTYRE has taken support at weekly demand zone and now trying to break the trendline to move UP.
Close above 132 would be good to enter (or RSI needs to close above 40) with immediate SL 124
On the above side 140 would act as resistance and close above would take it to 150 and above
JKTYRE weekly chart study
1) Triple top bearish divergence on RSI
2) MACD bearish divergence showing depleting strength in the prevailing bullish trend
3) In coming days it could test 155-150 level.
4) below 135 the correction up to 100 could be quick and swift
Break Out From Demand Zone With Volume.
Trend Line Break Out.
Price Above both EMA.
Above 38.2% Fibbo.
Short Term View.
Other Details Mentioned in Chart.
I am not SEBI Registered Financial Advisor.
Today positive breakout seen in JK Tyre & Industries , which broken above 200DMA and 6 month old trend.
Currently closed at 153.5, if stays strong above 154 it can reach 200+ level in short to mid term.
Keep stop loss at 145 on closing basis.
![JKTYRE: Can go short on JK tyres [symbol="NSE:JKTYRE"]NSE:JKTYRE[/symbol](https://s3.tradingview.com/j/jIY9FKKZ_mid.png "Can go short on JK tyres [symbol=\"NSE:JKTYRE\"]NSE:JKTYRE[/symbol")
