PVR watch for break of an important level
One of my favorite bottoming patterns is close to triggering a buy signal for PVR Ltd with break of crucial 1303 level. Based on this pattern we can expect PVR to rally towards 1850-1900 in next few months.
If the stock manages to achieve this target we will be able to reassess the price structure to decide if it's headed even higher as it has some long term patterns also playing out. This is because it seems that the stock may have completed an expanded flat A-B-C correction on the longer term charts
People with long term horizon can also start accumulating this stock
People with limited risk can keep a SL around 1060, although it's important to not that the bottoming pattern won't be invalid even if this price is taken out. This bottoming pattern gave similar buy calls with Bharat Forge & Glenmark Pharma both of which ended up providing excellent returns over next few months
Note: This ideas has been shared for educational purposes only.
If the stock manages to achieve this target we will be able to reassess the price structure to decide if it's headed even higher as it has some long term patterns also playing out. This is because it seems that the stock may have completed an expanded flat A-B-C correction on the longer term charts
People with long term horizon can also start accumulating this stock
People with limited risk can keep a SL around 1060, although it's important to not that the bottoming pattern won't be invalid even if this price is taken out. This bottoming pattern gave similar buy calls with Bharat Forge & Glenmark Pharma both of which ended up providing excellent returns over next few months
Note: This ideas has been shared for educational purposes only.
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