Breakout in SRF ?

nareshch

Active Member
#1
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
 
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Traderji

Super Moderator
#2
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.
 

nareshch

Active Member
#3
Traderji said:
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.
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
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.
 

Traderji

Super Moderator
#5
nareshch said:
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
That is correct.
 
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