REC ElliottLong if it goes above 225-230's for given targets around 1.618 -2.618 of wave 1.
My Elliot is not very strong yet so please correct me if I'm wrong in the wave count.
Thanks.
REC
PFC taking support from lower trendline. BUY 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 about 3 months. I expect the share sale to happen between 180-190. PFC's lifetime high is 192.50.
1st target for PFC is 169 which is possible before expiry. Strong Buy .
Rural Electrification: Price At Crucial JunctureThe 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 make sense to await confirmation. Until there is a strong breakout above the recent high of 217, I would be cautious in this stock.
On the contrary, a breakout past 217 would have extreme bullish connotation. The will mean that 4-year long accumulation is over and the stock could then get into a major mark-up or uptrending phase.
Let's watch this stock for further clues. It could offer a nice trade in one direction or the other.
Rural Electrification: Is It a Flag Breakout?Am not a big fan of patterns or their breakouts. This one just caught my eye.
REC Rectangle Top Reversal 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.
