POCL trade ideas
NSE:POCL - Breakout from Double Bottom and Falling WedgeTechnical Analysis:
POCL has recently shown a strong bullish breakout from both a Double Bottom pattern and a Falling Wedge pattern, indicating a potential upward movement in the stock price. The breakout above key resistance levels suggests that the stock might be poised for significant gains.
Double Bottom Pattern:
The Double Bottom pattern, typically seen as a bullish reversal pattern, was confirmed with a breakout above the neckline resistance at around INR 875. This breakout was accompanied by a surge in volume, further validating the pattern.
Falling Wedge Pattern:
In addition to the Double Bottom, POCL has also broken out of a Falling Wedge pattern. Falling Wedges are generally considered bullish continuation patterns, and the breakout above the upper trendline at around INR 880 reinforces the bullish sentiment.
Potential Trade Setup:
Entry Point: After a confirmed breakout above the ₹ 875 level.
Stop Loss: Below the recent swing low at ₹ 850.
Target 1: ₹ 980
Target 2: ₹ 1063
Volume Confirmation:
The breakout was confirmed with a significant increase in trading volume, which adds to the reliability of the pattern and the potential for further upward movement.
RSI Analysis:
The Relative Strength Index (RSI) is currently trending upwards but remains below the overbought territory, indicating that there might still be room for further gains without immediate risk of a pullback.
Disclaimer:
This analysis is for informational purposes only and does not constitute investment advice. Trading stocks and other financial instruments involves risk and can result in significant financial loss. Past performance is not indicative of future results. Always conduct your own research or consult with a professional financial advisor before making any investment decisions.
Blasting Oxidation Starts at Pondy Oxides & Chemicals :) :) :)The Chemical Sector was looking Super Bullish when compared to the Nifty 50. Many Chemical stocks were hitting Sky high last week.
Pondy Oxides & Chemicals is a Multi-bagger stock which already gave me more than 2x-3x returns last year. I booked my profits and after brief gap I re-entered the stock again in Q3/Q4 2023 and now it has given me 55% returns so far.
Technicals:
Weekly: Cup & Handle BO Completed with target of 785
Monthly: With 20% UC today - it has broken out of Another much Larger C&H pattern at Monthly levels for a 2x Target of 1300+
The Oxidation has just started - don't give up now.....The Real Blast is yet to happen. Keep holding your winners
Disclaimer:
Stocks-n-Trends is NOT a SEBI registered company. We do not provide Buy / Sell recommendations - rather we provide detailed analysis of how to review a chart, explain multi--timeframe views purely for Educational Purposes. We strongly suggest our followers to "Learn to Ride the Tide" and consult your Financial Advisors before taking any positions.
If you like our detailed analysis, please do rate us with your Likes, Boost and share your comments
-Team Stocks-n-Trends
