This Jubilant stock is all guns blazing; do you own it?

JUBLINGREA is showing extreme bullishness and has soared over 6% on July 19.

The stock of Jubilant Ingrevia is currently the talk of the town, having jumped over 16% in the last three trading sessions. On Tuesday’s trading session, the stock soared over 6% and crossed above its 200-DMA. Interestingly, the volumes have risen for the fourth consecutive day, and it shows the growing intensity of buying interest. In the previous trading session, the stock had registered a falling trendline breakout, which the stock has taken positively. It currently trades near its 38.2% retracement level of its prior downtrend. It is its bullish price structure that has attracted the trader’s attention.

As per the technical parameters, the stock possesses strong strength. The 14-period daily RSI (68.83) is in the bullish zone and above the prior swing high. Thus, RSI and price both rising above their respective swing highs is a sign of positivity. Meanwhile, the MACD has indicated a positive crossover in the previous trading session. The OBV has risen sharply, which shows strong strength from the volume’s perspective. The +DMI is above the -DMI and ADX. The Relative Strength (RS) is positive, which demonstrates the outperformance of the stock against the broader market. The other momentum oscillators also have a bullish view of this scrip. In a nutshell, the stock looks perfect for swing trading!

As per the price structure and technical analysis, the stock is expected to test the levels of Rs 580, followed by Rs 620 in the short to medium term. We can also expect slight retracement from current levels as the stock has shot up so much within less time, and such retracement can be considered a good entry point. Keep an eye on the prior swing high level of Rs 516, as a fall below this level can induce some weakness. Overall, the traders have a good chance of making a decent profit from this stock.