AbhishekHSinghCMT
Long

PC Jewellers- Bounce from 290-305 thrice-Bullish against 350

NSE:PCJEWELLER   PC JEWELLER LIMITE
255 2 3
3 times bounce from the zone 290-305 zone has formed good support- so, it has started a new leg upside which is again choppy & likely into its Y- wave above 350 which has upside room to kiss the zone 435-445 where it will retrace 61.8% of the fall from 531 highs.

Largely the trend is down so we will look for a push down in couple of months down the line- if it starts moving below the key level-350

Short Term Trading Strategy
Look for an upside move in the zone 410-415 once it sustains & holds above 380-385 zone where it retraces 50% & going beyond 420's can extend to 435-445 zone which should likely get some resistance

Long Term Trading Strategy
Shall be looking for the zone 435-445 if it travels that could face resistance & I shall search for selling opportunity or safe traders could wait for a break of 350's in the future for taking sell positions- in that case likely it will travel below 288 lows & make a new low going into the first half of 2017.
Trade active: 15:57 Hrs 21st Dec2016

Last Price@383

Day's High@391

40 points jump from above 350 to 391 - Amazing --did cross the bullet train- one should be lucky & daring to do so specially against sellers flux in the market.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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