SPICEJET - Three trading scenario's
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SPICEJET - Weekly view
There are three trade scenarios here -
1) It will cross the upper trendline in the current move, hits previous high of 108, giving 38% return. Eventual target seems to be 138, will be more clear once it comes out of channel.
2) It hits the trendline at D(88.20), it will give 10% return this (most likely) week. and then reverses down
3) Once it comes down to 69, enter there for a risk -reward ration of 4.68:1.
Stop loss will be 59.80.
Lets see how and which scenario pans out.
PS: I know there is a 20 paisa overlap between Wave 1 and wave 4... but happy to ignore this in the grand scheme of things. Please take this as invalid wave structure if you think so.
There are three trade scenarios here -
1) It will cross the upper trendline in the current move, hits previous high of 108, giving 38% return. Eventual target seems to be 138, will be more clear once it comes out of channel.
2) It hits the trendline at D(88.20), it will give 10% return this (most likely) week. and then reverses down
3) Once it comes down to 69, enter there for a risk -reward ration of 4.68:1.
Stop loss will be 59.80.
Lets see how and which scenario pans out.
PS: I know there is a 20 paisa overlap between Wave 1 and wave 4... but happy to ignore this in the grand scheme of things. Please take this as invalid wave structure if you think so.
Note
Island formation seen today with high volumes. Tomorrow is key, if it sustains above todays close, i guess 88 as a target is on the cards.
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