Jamna Auto - Weekly breakout after long consolidation
The Jamna Auto stock broke out from a 4 month long sideways consolidation with big volumes and closed at a 2+ year weekly high.
The up move should continue in the short to medium term as long as the weekly closing is above 72 (shown on the chart as the blue resistance trendline)
Resistances: The 85-95 region will act as a broad resistance area for this stock going forward. The red coloured resistance TL also falls between 85-95 currently.
Target: For a short term trade, the 85-95 region is a reasonable target. A weekly close above 95 will take the stock to a new ATH and will lead to further significant upside.
SL: Longs can be held with a WCB stop loss of 71-72.
The up move should continue in the short to medium term as long as the weekly closing is above 72 (shown on the chart as the blue resistance trendline)
Resistances: The 85-95 region will act as a broad resistance area for this stock going forward. The red coloured resistance TL also falls between 85-95 currently.
Target: For a short term trade, the 85-95 region is a reasonable target. A weekly close above 95 will take the stock to a new ATH and will lead to further significant upside.
SL: Longs can be held with a WCB stop loss of 71-72.
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