Wave 3 in JTEKTINDIA can kickstart a 60% rally in the stock!
The stock had witnessed a five wave impulsive rise in March 2023 which went on till Aug 2023.
The impulse drove the price of the stock up by 76% from March bottom.
This phase was then followed by a three month long correction(zig-zag or ABC) leading to a 50% retracement of the gains made during the impulsive wave.
Now that the corrective phase is over, the stock has slowly started making minor waves to the upside to unfold a major wave 3 that can be projected going towards the INR 210-220 zone(55-60% from CMP).
The stock closed at a +4.26% gain on Tuesday's session alongside massive uptick in volumes - signs of fresh buying.
CMP - 138
SL - 127
TARGET - 220
The impulse drove the price of the stock up by 76% from March bottom.
This phase was then followed by a three month long correction(zig-zag or ABC) leading to a 50% retracement of the gains made during the impulsive wave.
Now that the corrective phase is over, the stock has slowly started making minor waves to the upside to unfold a major wave 3 that can be projected going towards the INR 210-220 zone(55-60% from CMP).
The stock closed at a +4.26% gain on Tuesday's session alongside massive uptick in volumes - signs of fresh buying.
CMP - 138
SL - 127
TARGET - 220
Note
SL trailed to 136
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.