As seen PTC India has given a cup and handle breakout with good volumes on the daily chart. It is bullish in the larger time frames also.
A conservative trader may wait for a re-test of the breakout levels.
CMP: 88.45
Expected Levels: 100, 105
Exit Levels: 80
The Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout. The pattern is preceded by an upward move, which stalls and sells off. The sell-off is initial part of this pattern.
After the sell-off, the stock will trade flat for an extended period of time, with no clear trend. The next part of the pattern is the upward move back towards the peak of the preceding upward move.
The last part of the pattern, known as the handle, is a relatively smaller downward move before the stock moves higher and continues the previous trend.
A conservative trader may wait for a re-test of the breakout levels.
CMP: 88.45
Expected Levels: 100, 105
Exit Levels: 80
The Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout. The pattern is preceded by an upward move, which stalls and sells off. The sell-off is initial part of this pattern.
After the sell-off, the stock will trade flat for an extended period of time, with no clear trend. The next part of the pattern is the upward move back towards the peak of the preceding upward move.
The last part of the pattern, known as the handle, is a relatively smaller downward move before the stock moves higher and continues the previous trend.
Comment:
met the first target today.
