PCJEWELLER Buy the breakout!Buy the Breakout! Possible short term pcj may have bottomed out. Watchout!
PCJEWELLER
LONG PCJEWELLER FOR TARGETS of 200-300 in 3 monthsStock has given parabolic recovery after falling from highs.
Expect BULLISH Rallies in Coming Weeks with NSE:PCJEWELLER Moving towards 322 after closing above 175
Levels are mentioned in Chart. HOLDING PERIOD is around 3-4 months
My short term outlook for PC JewellersAs I see it , PC Jewellers might be doing a X wave after completing Y on 26th oct '18 . Although we can't ignore the possibility that it could be start of a disguised impulse after the completion of a larger WXY from ATH , its still a less possible outcome as the wave structure of this rally suggests otherwise. Volume looks better but it has started giving divergence , So i'm expecting a small dip before another small continuation up. My potential targets for both the moves are indicated by the horizontal blue lines. It would be interesting to how the market behave once it goes for the completion of C wave of this potential larger X before going down for a potential Z down. This move could be a bottom event. COULD BE.
Would like to see a break above INR 140-145 to establish a strong case for an impulsive move. Moreover, it would be then crucial to watch the bounce after a 4 but.. bleh! Not liking the looks of it to call it an impulse. So I'm going for a large WXYXZ from ATH as my primary.
This is not an investment advice. make your own plays and never trade on other people's opinions.
Thank you
