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J&K Bank

9 Feb 202112:38 PM

Covering J&K bank for old times sake. It was one of the few stocks that got me excited in 1999, much before the next bull market started. Just because I was looking for new stocks. I thought the cycle ended 5 waves in 2008 but as time has proven that was only the 3rd and the ending pattern completed only in 2014. Now the stock went through an entire cycle of 5 waves up and an A-B-C down. The 5th wave in wave C was truncated where it did not make a lower low like many PSU bank stocks. So it may be fair to say that a new impulse wave up started and a long term bottom has been put in place.

Covering J&K bank for old times sake. It was one of the few stocks that got me excited in 1999, much before the next bull market started

The next chart shows the near-term setup where we are in the early stages of wave 3 up developing. 29 and 27 are the moving averages as support and the next major swing high resistance is at 66 near the wave 2 of C high in the first chart above.

The next chart shows the near-term setup where we are in the early stages of wave 3 up developing. 29 and 27 are the moving averages as support and the next major swing high resistance is at 66 near the wave 2 of C high in the first chart above.

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