JKTYRE - Investment stock selection using Elliott wave

elliott wave jk tyre multibagger stock Dec 01, 2022
Stock Market, Trading, Elliott Wave

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We published about JKTYRE in September 2022 and predicted a possibility of Multibagger returns in the coming 2-3 years. This stock has managed to hold its gain and gave almost 28% returns in 2 months of time and made a lifetime high near 204.

Below is the chart which shows a detailed analysis of JKTYRE which helped to predict this target levels using Channels and Elliott Wave technique and Time cycle. We recommended this stock when it was trading near the 175 levels and was successfully able to catch the up move.

JKTYRE Weekly chart: (Anticipated as on 23rd September 2022)

JKTYRE Weekly chart: (Anticipated as on 27TH September 2021)

Multibagger stock recommendation: JK Tyre & Industries

Buy Price – Buy at CMP 175 and more on dips towards 155

Time Horizon –2 to 3 years

Investment – 5% of capital

Target price –??

Stop loss -??

Refer to the detailed research below.

Anticipated as on 23rd September 2022– Elliott Wave Theory

We are showing the weekly chart of the stock. Prices are moving in the form of Terminal impulse since the lows of 2009 so legs will be corrective. After completing wave (2) near the lows of 32 we are now in the strongest wave [3] this is the best leg to be a part of because it can fetch maximum gains in minimum time. The prices are also respecting the Ichimoku cloud and moving higher. Stock is moving precisely within upward slopping red channel and has taken support on a lower trendline in past sessions indicating its acting as support. As long as this support trendline remains protected on downside bias remains positive.

Happened as on 1st December 2022: The stock is moving exactly as we expected. Currently, JK TYRE is trading near 199 levels. It made a new lifetime high near 204 levels on 29th November 2022. The up move has been strong and we expect prices to achieve its target of .... levels in coming months. The stock is giving a return of 28% on average return in 2 months of span.

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