A mid-cap steel company Prakash Ind (cmp 133.7) is forming a rounding bottom pattern on monthly charts.
Targets of that pattern comes around 223.
The stock also retraced the 50% of total fall from 243 to 24, which is 133.7(exactly at today's close). So any move above that will open the next retracment level which is around 158, which is still 20% from cmp.
The stop loss for that trade should be placed at 120 on closing basis. With short term target of 159 and long term target of 223.
Disclosure: I am not a SEBI certified analyst so please your own call before acting on this call. Further i do hold the stock in my portfolio.
Targets of that pattern comes around 223.
The stock also retraced the 50% of total fall from 243 to 24, which is 133.7(exactly at today's close). So any move above that will open the next retracment level which is around 158, which is still 20% from cmp.
The stop loss for that trade should be placed at 120 on closing basis. With short term target of 159 and long term target of 223.
Disclosure: I am not a SEBI certified analyst so please your own call before acting on this call. Further i do hold the stock in my portfolio.
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