Jamna Auto Industries Limited , a key player in the automotive sector, is showing promising technical signals for a potential swing trade opportunity.
Reasons are listed below :
Jamna Auto's chart displays a bullish cup and handle pattern breakout, indicating a reversal in the trend.
A bullish engulfing candle on the weekly timeframe signals a potential...
Trendline Breakout in DTF.
Cup & Handle Pattern in Weekly Time frame.
Good for Short Term.
Target Swing high.
Disclaimer : This is not a Buy or Sell recommendation. Please consult your financial advisor before making any investments . This is for Educational purpose only.
Jamna Auto 135 now, looks powerful on chart for med-long term view.
Do check with your financial advisor before taking any trade.
This is just a educational post for study how price action based stocks perform.
NSE:JAMNAAUTO is consolidating in a rising channel pattern. I had posted about this scrip before a potential breakout, but it took one more rejection at the top and now price made a green candle at the channel support.
Entry at this price could be a golden opportunity to go long and aim for 1:2 and if price breaks out, a potential 1:10 trade!
Place a tight stop...
NSE:JAMNAAUTO has been consolidating in a rising channel pattern throughout its entire uptrend for around 1.5 years.
Price hasn't broken out from the channel. Expecting a breakout today or in the coming weeks.
If price breaks out, enter at the close and place stop loss below below 112 and look for targets of 180 to 200.
Keep stock in watchlist. Best to wait...
The Jamna Auto stock broke out from a 4 month long sideways consolidation with big volumes and closed at a 2+ year weekly high.
The up move should continue in the short to medium term as long as the weekly closing is above 72 (shown on the chart as the blue resistance trendline)
Resistances: The 85-95 region will act as a broad resistance area for this stock...
Education purpose...an individual view
Short term target1: 56
target2: 63
Mid term target3: 80
Strong support at 40
Only for education purpose ...not an advice or suggestion.
The stock is at its Resistance of 38.5 which is also the top border of the "Parallel Channel".
One cannot rule out the possibility of the stock again falling back into the channel.
A Golden Cross may be seen in the coming days after which the stock would gain further momentum.
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