PCJEWELLER is forming a cup and handle patter on the weekly chart along the downward sloping trend line. RSI is also above 50 indicating bulls are in control. We will be watching for the signs of breakout from this line. A successful breakout would have a price target of 45 based on previous support/resistance.
After drop in volume with price , price is moving up with higher volume suggests buying interests in stock..
Entry - 27.90
SL - 25.80
Target - 35.80
Risk/Reward - 1:3+
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As i mentioned day before yesterday that possible breakout of pcj on hourly as been confirmed.It may go further as rsi is above 60 in hourly . We also know that pc jewellers is online shopping platform which is spread across india with many branches.I think it has an advantage over other competitors.
Rsi above 60
1. Seeing gold reversal from low this script looks good short to positional calls.
2. stop price for long position 20.68 needs to be consider
3. short term Target 34/35
rsi (14) 62.809 buy
macd (12,26) 0.600 buy
adx (14) 23.660 neutral
williams %r -34.694 buy
atr(14) 1.6321 less volatility
highs/lows(14) 0.4143 buy
roc 5.932 buy
PC Jeweller Ltd. engages in the manufacturing, retailing, and exporting of jewellery products. It operates through the Export Sales and Domestic Sales segments. The company was founded on April 13, 2005 and is headquartered in New Delhi, India.