Monday, June 17, 2013

JUBL FOODS: Chart for the coming week

I was going through the technical charts of the stocks i track, as a part of my routine, and came across the weekly chart of Jubilant Foodworks:

image


Now there are some very interesting things to observe here:
  1. It has been in a trading range since around last 18 weeks, and is all set to break it on the downside. It did break it, but not decisively.
  2. For the 1st time since March '12, which is after 15 months, JublFoods has closed below 1000.
  3. On daily charts, it gave two consecutive closings below 1000, which says a lot in relation to the psychological levels of its prices as well.
Its important to keep in mind that this direction seems to be coming on weekly charts. So while we see what the markets do, we can at least keep this chart in our mind. What say?

5 comments:

Dinesh said...

Dear Sir,
Thanks for sharing this and also thanks to Mr. Kritan Shah.
As hinted, if there is a downfall, this stock may be a good candidate for shorting. Also, the current price is near the 52 weeks low.
Thanks again.
Regards,
Dinesh Sachdeva

Dinesh said...

Dear Sir,
The FII is a net seller today (17th June 2013) - 165 Cr, but still market went up and that too when RBI did not change the monetary policy today.
What does that mean? Does that mean that now the market can go up (at least a little bit) without the support from FII?
Regards,
Dinesh

shabsaif said...

There are two type of analyst on TV,

1. Type One - These guys advices are opposite to the market trend. If market is going down they give buy calls and give 100 reasons why market must go up.

2. Type Two – These guys try to be early birds, if market is down little bit, they give sell calls with huge targets (for ex: one guy on CNBC gave 5400 target for nifty).

Best way to watch TV is, MUTE it, when you see these guys

Dharmesh Ghael said...

My Market Profile Analysis indicates that Nifty Future has strong support in the region of 5682-5707 and for short term support is 5682-5692.I don't think it will violet and we will see decent pullback.
SBI has strong support based on market profile analysis is 1994-2003. I don't see any downside now.

Dharmesh Ghael said...

jubl food has strong support at 940 and will bounce back upto 1095.(based on market profile analysis)