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?
RCF 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.
Beautiful 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.
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.
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+++