JETAIRWAYS - 2H - Formation of BAT Pattern
Currently price is testing 200MA as a resistance. Price can move up to test 100MA after gaining the support of 200MA if it breaks 200MA on upside.
Stock shows formation and completion of BAT pattern. Minimum expected retracement if 38.2%
It is also showing bullish divergence on RSI and Macd for now.
This chart tells us how 200 DMA plays a significant role in deciding the fate of a stock is association with 100 and 50 DMA. Price consolidated at 200 DMA but could not give an upward breakout. Then broke down, which was accelerated by 50 crossing 200 DMA. Now price has reached a logical support level which is holding for many days and if the same is broken down...
- All three falls (marked as 1,3 and 5) are almost equal size.
- long term trend line support
- highly oversold
- 13 days of continuous red
I had also posted crude charts which are topping out and jet is at very important support. Hence could give a decent rally from here. Risk reward is comfortable