SPICEJET trade ideas
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SpiceJet - Struggling to hold on at current level of 105Seems 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.
ConsolidatingIf 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.
Gap not yet filled.The gap between 103.80 and 104 remains unfilled. In near term the stock may touch 102.50 for any up move.
Stock is under influence of strong 1/1 descending line. Some bullishness can be expected if the stock manages to close above 11.50-112.
Break out in the positive direction possible.If break out happens in the positive direction, please watch out for the level of 119.80
Tricky bet.Textbook theory suggests a dip towards 95-105 in the coming weeks,b4 resuming the LT trend to 166/178/200lvls
May return from 93.65987 days chart. The stock could go to a level of 72. However intermediate support is at 93.65.
484 days chartThe 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.
SpiceJet - Elliott Wave Count - Going through a huge correction SpiceJet may correct upto 80 levels. Then the next (outer degree) wave up will start.
SpiceJet - LongGo 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
SpiceJet - Set for another rise ?Just saw Spice Jet breakout from downward resistance line with a bullish engulfing candlestick and RSI rising.
Currently trading above its EMA 30 which should act as a support level.
With Crude under severe pressure we can see airline stocks like these benefit with low oil prices.
Trading strategy :
Buy @ CMP 108 levels
Target :123
Stop loss : below 100
Happy trading.
Technofunda stockA temp dip is possible before its journey for a huge upside.Good for medium holding.potential upside is 100++
SPICEJET - LONG - expected target 65.25 - duration 21 daysRSI - still have scope in upward direction
MACD - shows BUY trend continues
Current Decision - we can buy around 65. 40
Target - 71.00
