The Price movement is forming Broadening Formations(Megaphone) Right-Angled and Ascending . Last time it has retested the level within 7 Bar and moved down till the other end. Interestingly it is forming the similar move again Let's see if history repeats. Anyway the pattern is picture perfect, Stop Loss is affordable and Risk to Reward is attractive what else...
The pattern is also called Megaphone. It has also formed 3L-Reversal at the top so one can short the stock wherever stop loss of 139.9 on closing basis is affordable. If the pattern works one can expect the price to touch the lower line around 112. Safe trader can book the profit on fib level that too offers a good risk to reward ratio
The Structure is looking choppy & confusing from a long term point of view as wave-4 looks not be completed yet as a possibility.
Trading Strategy
We shall look for a pullback in the zone 116-120 if holds downside on the trendline, then short term upside move could be expected in 130-133 zone.
This is how we moved in 2016
In below shown charts- click the...
PFC will give a long breakout
Above 125.80 it can go to level
Upside level- 127.50
Downside safe level- 124.60
watch the prices on your terminal and act accordingly..As TV data is delayed here....This view is made keeping the real time data from other source...
Short term one can play going long above 137 where a mini double top is placed, but long term look to buy in the zone 97-103. 103 is an important swing low as PFC had a strong bounce from that low.
Related Analysis Attached below- PFC on monthly chart
The pattern is self explanatory one can short now with small stop loss and take the ride till the lower level or whenever feels it is good profit. Risk to reward could be good.
As seen PFC has formed a Double Top Pattern in the hourly chart. It has recently given a breakout in the last session. Also, three out of the last five candles have been big red candles indicating weakness in the shorter term. Particularly in the last session where open = high.
Double Top Pattern is bearish reversal pattern, made of two consecutive tops. It...
As seen PFC has broken out of Cup and Handle pattern with good volumes in the daily chart. It is bullish in the larger time frame as well. RSI has also given a breakout and now is above 60, indicating that the stock has gained good momentum.
Expected Levels- 140, 155.
If someone can hold it for a few months then target would be the height of the cup i.e 185- 190.
After a brief excursion below the blue fork, price is now flirting with the lower parallel of that fork. A breakout above the swing high of 130.4 would push the price back into the blue fork and also trigger a fresh buy signal in the Point and Figure Chart.
The stock looks bullish across Daily, weekly & monthly time frame. Expect a swift move once price gets...
The stock looks bullish in the daily time frame. The bullish view in daily chart would get invalidated on a close below 117. Am looking to add to holdings on a 15-miunte close above 133.5. This one is in my watchlist
PFC- Power Finance has traced out a triangle on monthly chart - I shall look for key zone 172-173 to be breached on top -if at all it wants to move up. When PFC goes past 172-173- Likely for a couple of years, it shall stand as good stock.
