Jubilant Ingrevia - Landing Zone
After a not so good result where they couldn't pass on RM price hikes while mentioning the high acetic prices were still to hit them caused the stock to tank.
Watch or a potential landing zone around 660 (small support) or 610 a much bigger and more logical support.
If the stock bounces around 610 it might make for a good option to start picking on the stock again.
From q4 onwards there will be fresh expansions which will come online + RM prices will start to cool off by then i feel which will bode very well for the companies prospcts.
600 is also a FIBO support level along with being the AVWAP of the entire move thus far.
Again this is subject to seeing a bounce..if it produces more red candles like the one today then it makes sense to wait for a new base to form.
Keep the stock on your watchlist.
Watch or a potential landing zone around 660 (small support) or 610 a much bigger and more logical support.
If the stock bounces around 610 it might make for a good option to start picking on the stock again.
From q4 onwards there will be fresh expansions which will come online + RM prices will start to cool off by then i feel which will bode very well for the companies prospcts.
600 is also a FIBO support level along with being the AVWAP of the entire move thus far.
Again this is subject to seeing a bounce..if it produces more red candles like the one today then it makes sense to wait for a new base to form.
Keep the stock on your watchlist.
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