Blue Jet Healthcare Limited (BLUEJET) Stock - Complete Technical Analysis - Oct 18, 2024

Blue Jet Healthcare Stock Analysis: Key Levels, Support & Resistance Explained Is Breakout Immine

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Blue Jet Healthcare Limited (BLUEJET) is currently priced at 516.70, reflecting a balance between buying and selling forces as evidenced by the spinning top candle formation. With the stock 6.62% below its 52-week high and 61.72% above its 52-week low, traders are eyeing both support and resistance levels. The 200-day EMA at 426.06 acts as a solid long-term support, while the 100-day EMA at 467.47 provides shorter-term support. As for resistance, the Classic Pivot R1 at 554.07 is a critical level to watch for any upward breakout.

The Relative Strength Index (RSI) is balanced at 53.83, meaning theres room for either upward or downward movement. However, the ADX at 21.13 suggests a weak overall trend, so traders should expect sideways movement unless momentum increases. The MACD remains above the signal line, supporting a bullish stance, but with caution as momentum indicators like Stochastic %K at 77.55 show an overbought condition, hinting at a potential pullback.

Further, the inside candle pattern identified on October 11, 2024, indicates consolidation within a range of 499.8 to 532.85. This makes the stock prime for a breakout or breakdown in the near future. Blue Jet Healthcare is currently experiencing low volatility, as shown by its ATR, meaning price swings may be subdued unless theres a significant market trigger.

In summary, BLUEJET is consolidating, and traders should look for a potential breakout or breakdown while maintaining stop-losses near key support and resistance levels. Key indicators like MACD, RSI, and ADX should be monitored to better time entries and exits.