A Falling channel Breakout is a bullish formation that forms on a chart when a stock price breaks above the Upper trendline of the falling channel or two parallel lines, one for the lower bottom formation and the other for the higher bottom formation.
How to Trade the Pattern:
- Breakout Entry: Enter the trade when the price breaks and closes above the upper trendline of the falling channel.
- Target Price: The expected upward move is typically equal to the height of the channel, measured from the breakout point.
- Stop-Loss: Place a stop-loss just below the last swing low or the lower trendline to minimize downside risk
PNB HOUSING FINANCE is the Housing finance company that has given a breakout of falling channel.
The Breakout Level for the Falling Channel is Rs. 870, and the stock is currently above the breakout level at Rs. 920. Minor resistance for the stock is marked in red, which is close to the level of Rs. 1,012. The breakout level of the stock can also be considered as the support zone for the stock.
About the Company
PNB Housing Finance Limited, established on November 11, 1988, is a leading Indian housing finance company headquartered in New Delhi. The company offers a comprehensive range of financial products, including home loans for individuals and corporate bodies for the purchase, construction, repair, and upgradation of residential and commercial properties.
Written By Abhishek Das
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