Sell : Jet Airways India
sell in Jet Airways stock from a short-term trading perspective. It is apparent from the charts of Jet Airways that it was on an intermediate-term up-trend between early March and early June, from Rs 115 to Rs 363. Around Rs 360, the stock encountered resistance and reversed direction. Moreover, this trend reversal was triggered by the negative divergence displayed in the daily relative strength index (RSI). On June 8, the stock tumbled 12 per cent, experiencing selling. Since then, the stock has been on a short-term down-trend. It conclusively broke through the up-trendline by plunging 9 per cent on June 17. The daily RSI has entered the bearish zone and the weekly RSI is declining in the neutral region. The price rate of change indicator is falling in the negative territory indicating selling interest. Our short-term outlook on the counter is bearish. We expect its fall to prolong until it hits our price target of Rs 212. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 250.
source: BL
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