Looking at the daily chart for Jubilant Ingrevia Ltd., the stock has been trading within a well-defined rectangular consolidation phase for several months.
Price action is cleanly oscillating between a strong support floor and a key resistance ceiling, presenting a classic range-bound technical setup.
Technical Observation:
The stock recently retested the lower boundary of this consolidation box (major support) and has shown a strong bullish bounce from these levels.
The recent daily candle at 656.10 INR indicates buying pressure stepping in at support, suggesting a high probability of the price traversing back toward the upper end of the rectangle.
The rationale is a high-reward, low-risk entry based on an established historical support level holding firm.
Trade Plan:
Entry Point: Current Market Price zone around 650 - 660 INR.
Target: 760 INR (The upper resistance boundary of the consolidation box).
Stop Loss: 600 INR (A daily close below the bottom of the support box invalidates the range-bound thesis).
Price action is cleanly oscillating between a strong support floor and a key resistance ceiling, presenting a classic range-bound technical setup.
Technical Observation:
The stock recently retested the lower boundary of this consolidation box (major support) and has shown a strong bullish bounce from these levels.
The recent daily candle at 656.10 INR indicates buying pressure stepping in at support, suggesting a high probability of the price traversing back toward the upper end of the rectangle.
The rationale is a high-reward, low-risk entry based on an established historical support level holding firm.
Trade Plan:
Entry Point: Current Market Price zone around 650 - 660 INR.
Target: 760 INR (The upper resistance boundary of the consolidation box).
Stop Loss: 600 INR (A daily close below the bottom of the support box invalidates the range-bound thesis).
Trade closed: stop reached
Stoploss Hit..
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.
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.