Polycab- CMP -5267
Elliott- The first sharp fall in this counter is just one leg of the corrective pattern called zig-zag. The B leg which is with the trend is offering u an opportunity right on the highs to exit. The C leg will now being and this will come down minimum to 3480. In my view 2300 is a high probability. The short term charts are also set for a...
policab done a great gap filling work
and formed a raising wedge pattern in daily chart.
the stock may fall in upcoming days.
This analysis is for learning purpose only.
It is just a view, please trade at your own risk. I'm not SEBI registered adviser.
If you look at Quarterly chart, We could see a pattern that after an year consolidation, 100% rise has happened. Could we expect Dec '23 - Dec '24 as consolidation period. Historically, 1st quarter of polycab hasn't performed except last year which was a surprise. Let's see what happens this year. Higher low hasn't formed yet in weekly chart.
The stock completed corrective move of a correction wave X, now I think its going to resume its fall towards 2500 as wave Y. Let's see how it unfolds. This is only for study purpose, not suggesting to trade or invest.
Polycab gave sharp fall from 5700 odd levels to 3800 due to some news but then we saw consolidation at lower levels and again getting ready for big upside targets.
Buy on dips, 4280 - 4230 is first support zone and then 4050 - 4000. Accumulate for expected target of 5000, 5400 and above.
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Polycab gave big gap-down due to some news and formed a bearish pattern. Sell around 4450 for the downside targets of 4050, 3820 and 3565 until 4655 is intact on the upside.
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InvestPro India
NSE:POLYCAB looks good at these levels. It is a good candidate to fill the gap that it created due to the Income Tax Raid news. If it attempts to fill the gap, I do expect it to reach its previous highs.
Candlestick - the big red candle is a bear candle and an early indication of a change in trend,
Fib- the stock cannot rally beyond 38.2% of the bear candle is very bearish.
RSI- the oscillator is forming a double top below the bull support of 40. This is very bearish.
MA- the stock has halted at the longest MA in red. But the rallies post that doesn't show...
Polycab has formed big range on daily candle. Whenever stock breaks and sustains above or below the levels, stock is expected to follow that direction and give a bigger move. As of now stock within the range, hence neutral view.
If a strong stock due to some reason falls and take support at Monthly 20 and spend some time there then generally give strong bounce
So if stock spend time there
entry > 4040
SL 3600
T1 4500
Fib - The stock halted today at fib confluence at 3800. That the circuit did not sustain for the entire day means we can see this zone holding.
Candlestick- Thats definitely a bear candle and an early indication of a change in trend.
Volume- stock falling with volume is negative.
RSI- break of the bull support at 40 is negative.
Extreme indication - this...
Simple ORB STRATEGY WITH VOLUME I'm expecting above blue line close D chart will lead to 10% target 1
Sl 5% or previous swing low
3 to 6 months OR FAST NEAR THE TARGET (FOR MTF TRADE VIEW )
Just a view educational purpose only trade at your risk management
