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| Discuss Breakout in SRF ? at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hello , I am very new to technical analysis .I am attaching a chart of ... |
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#1
4th October 2004, 06:02 PM
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Breakout in SRF ?
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 by nareshch; 10th July 2008 at 08:21 PM. 
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#2
5th October 2004, 10:05 AM
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Re: Breakout in SRF ?
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.
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#3
6th October 2004, 11:10 AM
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Re: Breakout in SRF ?
Quote:
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
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#4
6th October 2004, 11:44 AM
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Re: Breakout in SRF ?
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.
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#5
6th October 2004, 11:53 AM
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Re: Breakout in SRF ?
Quote:
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