Spicejet: "Mera wala price" & "ab toh mujhe dekh le" levels

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Spicejet
CMP 78.70

So what is this "Mera wala price" (My price to buy) and "ab toh mujhe dekh le" levels (at least take a look at me now)
No these are not levels which have come from my heart. But what I see as charts trying to tell us.

Let us see what are these terminologies with the help of Spicejet

Observations:
- Spicejet is currently trading between 20 day EMA and 50 day EMA ( which signifies lack of momentum )
- trendline support is around the yellow line
- the orange dotted line suggests previous support zone is acting as resistance around 83-84 odd levels

As a student of Technical Analysis, I would ideally like to wait for Spicejet to come near 68 odd levels or near the yellow trend line and if I see price being held on to, then I would like to go long.
Near that price, my risk would be minimum and reward potential would be much higher. This would be for target of 96 / 108 & SL around 63 / 58 depending on the risk appetite. Hence I call that as "Mera wala price" where the risk and reward ratio is in my favor.

However, in case Spicejet doesn't fall and starts moving higher, crosses and sustains above the orange line, that would suggest that the chart is indicating the stock is ready to climb higher - are you going to board the journey now?

Okay, I missed buying opportunity around 78 thinking it may fall towards 68. But that has not happened and now I have to make a decision where again charts are indicating change in underlying conditions. In this case, breakout above 84 can bring some kind of momentum. And hence I term that as "Ab toh mujhe dekh le" levels which literally means At least take a look at me now, I may not fall, forget about 68 odd levels and buy me for a breakout play... (this would be for momentum play with short term targets of 89 / 93) & may be SL can be kept at 81 odd levels or at 20 day EMA

at current price, with the stock trading between 20 day & 50 day EMA there is no clarity of direction
- However around 68 there is trendline support and
- above 84 there is a breakout trade possibility

both these scenarios could have a stronger probability of success than random buy decision.

So till the time you don't see
-the Mera wala price or
- ab toh mujhe kharid le levels,

keep patience...🙂

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