The stock has broken upside of it's important supply region - 2018 all time high levels , clear Volatility contraction in place.
Breakout and Retest has happened - level - 162.
As per the Technical pattern, target of minimum 236 is seen.
As mentioned in charts,
My entry at 178 with an SL of 5%, target of 30% - 236 - Trailing as per Price Action.
The stock had witnessed a five wave impulsive rise in March 2023 which went on till Aug 2023.
The impulse drove the price of the stock up by 76% from March bottom.
This phase was then followed by a three month long correction(zig-zag or ABC) leading to a 50% retracement of the gains made during the impulsive wave.
Now that the corrective phase is over, the stock...
JTEKTINDIA Technical Analysis in daily time frame.
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
NSE:JTEKTINDIA
Notice the idea here is to clarify that patterns do work, but how to understand the history is much more important, this chart literally screams back at you to go for the trade...
