RCF LONGRCF has picked up from support.Possible double bottom in formation.Buy in 77-79 range first target 83.5 and then 89.Higher targets if it gives breakout from the neckline drawn.Maintain StopLoss at 73.
Goodluck Trading!
RCF trade ideas
Indeed Offer for Sale in RCF.....RCF 1.00% fell from 100 level to 75 almost 25% down but the fall is not justified by its volume ..... Secondly looking at monsoon forecast and Goverment's agri reforms.. its look to be very good bet to buy... isn't it?
cup and handle formationcan we expect a cup and handle formation at this level or just simple break out from this, or break out after obtaining a good support at 72.
RCF- Cross of Mini Double Top will take to next swingThere is mini double top in the zone 54-55. Once price crosses that range & sustains looks to travel upside to previous swing marked by yellow line. Its a 8 year triangle in RCF since 2008's fall.
Flag breakout with Volume RCFBeautiful Pole with vertical bars, 3 bars consolidation and breakout with volume all makes it a good trade-able Flag pattern. Enter on the dips(if it happens) or at the price level where stop loss of 54.5 is affordable for a target of 67.
RCF - Cash Investment opportunity!As shown on the weekly chart, RCF is about to complete a 8 year old symmetrical triangle.
What makes it special is-- there is a good inverted Head and Shoulder price pattern (S-H-S) in last leg.
Breakout is above 54 - 58 zone targeting 130+++
RCF possibility of H&S breakout (Educational only)As can be seen there is first possibility of H&S breakout with sl @45 on closing basis and first target of @65-70.
2nd possibility is for triangle breakout which can give target @ 120 approx.
Chart for educational purpose only.
RCF- H & S Pattern (Above 54-55) Neckline ActivatesH & S pattern with the neckline at 54-55 shall take RCF to the zone 72-74 which is the ideal target zoneHead & Shoulder
