U shape recovery but without handle
MACD Above line
consolidation near resistance area
After black horizontal breach
Some room area below horizontal
Till previous high and can be much higher
Start accumulating REC limited for long-term perspective.
The journey would be painful so only suggested for patient investors.
Immediate support seen at 116.
High undervalued and high dividend pay every year.
The stock has been stuck in a broad range of 71-204 in the past few years. The recent rally has pushed the stock to the upper end of the trading range at 204-ish. Notice the selling tail in the current month candle. The spike in volume and the selling tail suggests that this *might" turnout to be an Upthrust or fakeout.
Before jumping to conclusions, it would...
PFC has FY17 expected EPS of 29.5 and FY17 BV of 165 (after interim dividend but before final dividend) and hence at current prices it is trading at a PE of just 5.5 and P/BV of 0.95. Its one of the cheapest finance stock in the market.
PFC corrected from 168 levels after the news came about Govt selling its 10% of its holding. Sale of share process will take...
Simple classical Channel short trade is possible. Stop Loss above the high made recently and target is open depending upon the patience of the trader however the target of Fib .618 to .786. level seems to reach quite easily.