Highly favourable trade. Found support 2nd time at 200DMA and inside bar indicates trend reversal for the stock. Falling crude prices also bolsters the view. It is a text book example of triangle formation and should breakout on the upside.
As seen on last trading day that the price action broke the downtrend diagonal move with high volume on charts, today we are observing confirmation at the previous breakout levels, which will eventually push buying and move prices up.
Target 1: 570 Target 2: 582
SL. 557
Now Jet Airways has shown positive movement to upside by confirming higher lows with bullish divergence.
Next resistance is at 600 levels where is our first target.
As shared before, that the jetairways has broken a contracting triangle on the monthly chart and now it has corrected 78.6% of the previous uptrend move, which makes it a great buy for now.
As per elliott waves, 5 impulse waves are completed and we will now look forward for a 3 wave correction to 615 levels.
I observed that the it has broken out from a triangle on a monthly chart and took a support at 475 levels. It is a great time to go long on this one. Two good points to note:
1. Breakout out on Monthly chart with Increasing volume
2. 100% FDI in Aviation
Go long
The Daily chart of Jet airways forming Morning star on candle stick chart which a sign of reversal in trend so one can buy in the range of 480 to 520 with stop loss of 460 with taget of 590 to 600........
Disclaimer : Take your financial advisor recos before investin..................
