Jubilant foodworks long opportunity

7 Ağu 2022

JUBLFOOD

Stock -> Jubilant Foodworks

TimeFrame -> Weekly

Hello all!
Jubilant FoodWorks Broke its earlier Resistance trendline (trendline 1) on August 21 after which it had a dream run till October 2021. It has corrected by almost 48% since then and has now retested trendline 1. This I believe makes a good opportunity to go long!

There are multiple other factors that further strengthen my conviction:
-The break of trendline 2
-Formation of an inverse head and shoulder pattern
-Bounceback from Fibonacci Golden zone(50% - 61.8%)

Risk-averse traders should wait till stock closes above the yellow zone. Although accumulation in small quantities can be done.

*NOT A CALL*

#jubilantfoodworks #nifty #technicalanalysis #swingtrading