Jet Airways has been in the limelight since the past few months over its news on piled up debt. The stock fell by nearly 44% cumulatively on 16th, 18th and 22nd April 2019 but managed to take a halt of its down move. Is it possible to predict such fall?
We did an analysis using simple technique and looks to have found a good reason to validate the argument irrespective of what news enter in the coming days.
Below is the chart showing detailed analysis for the same:
Jet Airways Weekly chart:
The weekly chart shows that prices had been moving in an overlapping manner in the form of Diametric pattern. It is amazing to see that since 2008 the stock has seen the levels of around 200 or lower irrespective of the bankruptcy issue being faced now. The crash seen in 2008, 2011, 2014 was very similar. So why so much of buzz now when this stock has a tendency to move in this fashion for more than a decade. Interesting, isn’t it!
Recently it found support exactly near its pivot low of 126 and we can see how prices behaved post bouncing from it in the year 2009. On the other hand an immediate resistance is placed near 366 levels and only a break of this would bring any positivity in the stock.
Prices are now near its important support zone of 126 levels. This level has remain protected in 2008 fall and let us see if the same can remain protected even now or not!
It is amazing to see that despite all the news, pessimism and eventful movement the stock found support exactly at the lows of 2008 and bounced back. So will it break these lows now? Stay tuned and keep reading the daily equity research report where will show the short term internal wave patterns and see how to capitalize from the ongoing volatility in this stock.
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