Seems like an bearish cup n handle formation in the making for SpiceJet.
2018 has not been that great for the Airlines sector in India mainly due to Rise in Crude prices.
Spicejet seems like it will make a new low for 2018 in short term testing the support zone of 75 - 80.
If the stock turns bullish due to the quarterly result, we may see an up move where a resistance is there at 99-100. If the stock turns bearish a low level of 74-75 can not also be ruled out.
The low can be seen at 115.50. If bullishness returns due to spectacular quarterly result,
the stock may see even a level of 180 in near term. In all short term scenerios the stock
is in bearish move and the sentiment likely change only when the stock crosses 127.8 on
closing basis.
Go long above daily demand zone if a bullish candlestick is formed. The stock tends to take off from 75D EMA forming a new higher high.
Buy - 143-145
CBSL - 139
Target - 154
