LearnersParadise

Polycab:- Ascending Triangle Breakout

Long
NSE:POLYCAB   POLYCAB INDIA LTD
A fundamental pick by a person who I admire, who made me look at various directions, who taught me a lot and who is helping me to be a better trader.
Finally my technical is matching and now I know his insight.
Let's understand now what is happening.
This stock broke resistance of 1000 (a psychological one) along with horizontal resistance which it has also retested it again and again.
On the bottom it is riding a trendline which is pushing it at higher levels again and again.(Marked with triangles.)
And finally the volumes which was being generated before breakout was also huge. so someone must be buying.

I have placed 3 targets on the chart. People can go according to their apatite .
Always remember higher the target we go longer the time it will take. So don't expect a move of 40% in next 2-3-4 days or in a week.

Cheers and Happy Trading.

Disclaimer:- I am not SEBI registered. All the levels plotted are only for educational purposes. Trade with your own risk and caution.