The stock had corrected further and touched a closing low of 255 a couple of months later. Since then, it had almost a one-way bull rally that culminated with a small 'double top' reversal pattern - when the stock touched a lifetime closing high of 605.10 on Jan 27 '15 and a slightly lower top of 602 on Feb 3 '15.
Those who may have bought the stock after reading my previous post would have more than doubled their investment in two years.
The 'double top' triggered a year long correction. The stock dropped below its three EMAs and touched a closing low of 285.25 on Sep 28 '15 - wiping out all the gains made between Feb '13 and Feb '15.
In a classic 'double bottom' reversal pattern formation, the stock price had a sharp 'V' shaped recovery that rose briefly above its 200 day EMA, formed a small 'double top' at 423 in end-Nov '15, and dropped to a lower bottom of 275.65 on Feb 11 '16.
The subsequent bull rally is still going strong. The stock touched a closing high of 589.35 on Sep 6 '16 - more than doubling in 7 months - but has been in a corrective mode that is providing an adding opportunity.
Daily technical indicators are in bullish zones but their upward momentum is not looking strong. Some more correction or a consolidation around current levels can be expected.
The recent sharp fall in UK's Pound against the US Dollar will make JLR cars cheaper in the largest car market in the world. Commercial vehicles have been selling well in the domestic market. Even domestic passenger cars business seems to be turning around.
Long-term investors with 2-3 years time frame can accumulate with a stop-loss at 475.