Technical Pulse: Japfa Ltd October 15, 2021 471

Japfa Ltd (SSX: UD2) after the recent correction we may see some temporary upside relief based on the technicals:   

 

  1. The double bottom is confirmed after the bullish candle broke above the $0.740 neckline resistance of the double bottom. Furthermore, the double bottom is well supported at the key major support zone at $0.670-$0.690.
  2. Ichimoku is showing two out of three golden crossovers, with the Senkou-Span A having a high chance of crossing above Span B, forming a bullish kumo twist potentially.
  3. MACD shows earlier crossover and both MACD and signal line are diverging, heading above the zero line. Which will confirm the bullish upside should it happen.
  4. MACD is showing a larger bullish divergence in tandem with the double bottom.

 

*Expected timeline of the trade is 9 weeks from the date of report issuance.

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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