The earlier posted cup and handle pattern on Powergrid has not materialised. The stock has moved sideways and the pattern now looks like a ending diagonal. On the long term charts the rally from Mar '20 can be counted as a completed 5 wave structure.
A break below the lower trendline of the diagonal pattern can accelerate a down move to 175 levels in short...
Powergrid is breaking out of a cup and handle pattern. The C&H is one of the most reliable patterns during an uptrend. The stock has been trading above its 200 DMA for several months now and is in a clear uptrend. The breakout is on above average volumes and is added confirmation. Look for a good rally yesterday's low holds
“Hegel remarks somewhere that all great, world-historical facts and personages occur, as it were, twice. He has forgotten to add: the first time as tragedy, the second as farce.”
― Karl Marx, The Eighteenth Brumaire of Louis Bonaparte
This is my trading journal, not a trade recommendation. I Will be Posting and updating the ideas regularly as market progresses,...
