AbhishekHSinghCMT

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

Long
NSE:PCJEWELLER   PC JEWELLER LTD
4
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
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.