Breakout in SRF ?

Discussion in 'Technical Analysis' started by nareshch, Oct 4, 2004.

  1. nareshch

    nareshch Active Member

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    Hello ,

    I am very new to technical analysis .I am attaching a chart of SRF and thinking its a breakout from descending triangle pattern . Please correct me if i am wrong . Traderji , please give me your opinion on this chart and if it is a break out please let me know the targets also . :) .Thank you

    Regards
    Naresh Cherukuri
     
    Last edited: Jul 10, 2008
  2. Traderji

    Traderji Super Moderator

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    Good call Naresh,

    SRF has indeed broken out of a small descending triangle pattern or pennant.

    The initial target can be calculated by adding the height of the triangle to the breakout level.
     
  3. nareshch

    nareshch Active Member

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    Thank you Traderji .

    SRF zooms today and up by 8% to 52.5 Now .I am unable to find the exact targets yet . Is it 47 ( where the breakout occurs) + ht.of traingle ( 52.9-44.85) = 55.05 ?

    Regards
    Naresh Cherukuri
     
  4. billauday

    billauday Member

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    hi naresh,
    The resistance for SRF is 53 ,if it closes above that then hold on to your position for some more days which can give good return.I think 53 resistance will not stop its upmove.
     
  5. Traderji

    Traderji Super Moderator

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    That is correct.
     
  6. sudoku1

    sudoku1 Well-Known Member

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  7. manoharpillai

    manoharpillai Well-Known Member

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    Question asked on 6th oct. 2004 11.53 am answered 21st apl 2011 11.00 pm great going
     
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  8. timepass

    timepass Moderator

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    The answer is helpful to many other members too.
     
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