posting it because someone asked me to do so on twitter!!!!
let it come to the levels where it would be a favOur able risk reward as it is always better to not to take a trade then to take a wrong trade ...
i can be wrong!
Price formation qualifies of a short as per Victor Sperandeo 2B Pattern. Price closed above the previous high yesterday with good volume but got rejected immediately and closed below to low of yesterday. We can short the stock with stop loss of just today's high. Risking the small amount gives an opportunity for a decent Risk to Reward ratio.
It seems that stock has been good accumulated formed triple bottoms and now wants to rise. It has closed above the neckline giving the breakout and successfully retested it. One can buy the stock for a target of 750 - 775.
Nice breakout with strong momentum on RSI and above average volume.
Currently near resistance zone 327-329.
Lets see if it gives a buying opportunity on pullback or else the price action above the resistance will decide the entry. Targets are mentioned.
Hit like if this information is useful.
In daily, first it broke the horizontal support, then moved up to touch the broken support, now acted as a resistance, and price moving down, after touching the horizontal resistance and trend line resistance.
sl - 113, 1st tgt - 103.
after a long consolidation, BB expansion and BB is moving down.
Note: this is not a fno...
PNBHFL is at a trend line resistance& is quite expensive on FY18 basis when compared with peers like Canfin,Ibulhousing. If charts pattern repeat it could consolidate here for a while or could correct to the levels of 1500&1460. RSI is also showing overbought Sign.
SO THINK BEFORE ENTERING IT NOW.