Monday, June 6, 2011

Bullish pattern in Powergrid

The chart for Powergrid shows a bullish pattern. We can see a bullish (inverted) head and shoulder pattern. The pattern was confirmed today when prices closed above the neckline, giving a target of 107 approx. The chart is given below. Trades must be taken in context - if the market is moving up the target has a strong chance of being met. If the market is sideways or down, prices may go sideways and not touch the target. Yet, there is a message in such patterns - the trend for this stock is up.



4 comments:

Rushabh Shastri said...

absolutely possible with stop loss Rs. 98 as per my view,,,purely technical

Gulshan said...

my view is different from yours.
Please correct me if I am wrong.
I think buying can be done above 105 for a target of 120, keeping in view the large consolidation pattern.

Thanks

Gulshan

raman said...

Sir,

What's ur target for upside???
Call: POSITIONAL long (1-2 YEAR)

I think, i can gain much through trading as this stock is trading near 100 frm quite long time.

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***BREAKOUT!!!>>>>>>>>>>>>>>>
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raman said...

i can gain = one can gain