aks85
Long

PFC- Cup and Handle Breakout- Buy Setup

NSE:PFC   POWER FINANCE CORP
158 3 3
As seen PFC             has broken out of Cup and Handle pattern with good volumes in the daily chart . It is bullish in the larger time frame as well. RSI has also given a breakout and now is above 60, indicating that the stock has gained good momentum.
Expected Levels- 140, 155.

If someone can hold it for a few months then target would be the height of the cup i.e 185- 190.
Trade closed: stop reached
Hi! Still looking at the same targets? 155? Hasnt been able to breach 135. Looks a hurdle to me
Reply
aks85 LearnerTA
@LearnerTA, Hi. You have a good observation there. Yes, 135 is acting as a hurdle as can also be seen previously where this zone was acting as a resistance. This is the reason stocks that are at all time high and forming this pattern are the best to trade/invest in, nonetheless I took a trade in it as it had good volumes and this sector particularly was doing well when all other sectors were looking weak. I would wait as the analysis were done on a daily chart and sometimes it takes longer than we expect and that's the way the market is. It will always tests our patience. But in case we find a better stock we should be flexible enough to exit this one and put our money where we have more conviction. Thanks.
Reply
aks85 LearnerTA
@LearnerTA, It also is forming a double top, which is a bearish reversal pattern. In case, it closes below 127.5, we should exit our longs.
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