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
Nota
SL trailed to 136
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.