mdhaamu
Short

PFC - Bearish Pennant

NSE:PFC   POWER FINANCE CORP
145 4 7
Bearish pennant is under progress, breaking that support can pull the stock towards further low level.
On confirmation one can initiate for short.
Order cancelled: Seem it took support from here and jumped.
Breakout is always dangerous without confirmation. This is my observation as we never know which side it will move. Specially during result time.
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mdhaamu Indidiot
@Indidiot, Break Out is essential for any pattern strategy. Without that it is not advisable to enter.
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Indidiot mdhaamu
@mdhaamu, But just to learn why this descending triangle was envisaged to breakdown. Generally it is clubbed with bigger trend, where PFC was reverting back. So my guess would have been on Breakout......!!! Please explain so that I can understand things better as I am a learner.
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mdhaamu Indidiot
@Indidiot, Answer is Strong support
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