Dinesh Rohira
Jet Airways continued to trade under negative trajectory over past one-month after making a healthy rebound from its September fall. However, it failed to sustain momentum, consolidating around the high of 366 towards a low of around the 251 level, at which it is at currently.
It remained under the selling regime this week despite positive market trend, and further slipped below its 200-day moving average, currently placed at 362 odd levels indicating a sustained pressure. It formed a bearish candlestick pattern on its weekly price chart with a small body.
The momentum indicator continued to outline weak trend with its weekly RSI at 40 level which signals downward divergence in price coupled with MACD trading below its Signal-Line on the weekly chart. We have a sell recommendation for Jet Airways which is currently trading at Rs. 251.9.
Disclaimer: The author is Founder & CEO at 5nance.com. The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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