POLYCAB - How simple Indicators can give more than 20% return within a weekSep 08, 2021
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Using indicators along with price action techniques gives better confirmation and increases the accuracy of the analysis. We have shown here how we have analyzed POLYCAB stock using price action and indicators.
We published the following research on POLYCAB pre-market on 31st AUGUST 2021 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
POLYCAB Daily chart as of 31st AUGUST 2021: (ANTICIPATED)
POLYCAB Daily chart as of 08th SEPTEMBER 2021: (HAPPENED)
POLYCAB has been moving higher recently and intact in a strong uptrend. Yesterday’s trading session had made a new lifetime high near 2503 levels. The stock has given a return of more than 23% within a short span after we covered it in our research report.
On the daily chart, we can see a rounding bottom is formed and price have given close above 2033 which confirm the breakout of this pattern. The 5 EMA has also crossed the 13 EMA which is a bullish crossover and thus indicates that the short-term bias has turned positive. The recent rise also indicates that the last few days of sideways action have been completed and the next leg on the upside has started towards 2100-2120 levels.
Happened: After we published the report, Polycab opened with a gap up and rallied to make a new high near 2503 levels exceeding the target range we mentioned and the stock was up more than 23% within 6 trading sessions.
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