This is weekly chart of PFC on NSE (INDIA) trading at CMP of 93.65. It looks an excellent investment idea based on price behaviour as illustrated below:
1. Price is trading in range (70 - 160) since Feb 2014. Upper and lower range have been drawn on the chart indicating various supports and resistances using arrows.
2. Activity in the scrip can be witnessed observing volume bars of last 4 weeks.
3. Price has reversed after indicating bullish divergence (marked on RSI ) after testing lower range.
RSI (59.2) shows strong momentum.
Hence, it is likely to target 160 (upper range) and hence it becomes a good investment choice at CMP of 93.65 (70 % )
Happy investing...
1. Price is trading in range (70 - 160) since Feb 2014. Upper and lower range have been drawn on the chart indicating various supports and resistances using arrows.
2. Activity in the scrip can be witnessed observing volume bars of last 4 weeks.
3. Price has reversed after indicating bullish divergence (marked on RSI ) after testing lower range.
RSI (59.2) shows strong momentum.
Hence, it is likely to target 160 (upper range) and hence it becomes a good investment choice at CMP of 93.65 (70 % )
Happy investing...
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