PFC: Price targets using Elliott wave!
Jul 11, 2023
We published about PFC in June 2023 and predicted a possibility of good returns in the coming months in our Monthly Research report. Check out the research we had published on 16th June.
Below is the chart which shows a detailed analysis of PFC which helped to derive targets of 225-230 levels using Elliott Wave technique and Time cycle. We recommended this stock when it was trading near 195 levels and was successfully able to catch the up move.
PFC Weekly Chart (Anticipated as on 16th June 2023)
PFC Daily Chart (Anticipated as on 16th June 2023)
Wave analysis anticipated on 16th June, 2023
On the weekly chart, we have applied Parabolic Sar to gauge the stock direction and also to catch the reversals. As long as Parabolic Sar holds dots on the downside, the trend will continue to ride on the upside. The lows are formed on the weekly chart around the red vertical lines. The difference between the red vertical lines is 80 weekly candles. The vertical lines on the weekly charts are of the time cycle which is used to find the important lows. Time cycles are used to time our entry into the trade. We can clearly see that PNCINFRA tends to follow 80 weeks cycle. The recent low was formed exactly near our cycle where Primary Wave 4 got completed near 101 levels. Since then stock has witnessed a good rally of more than 94%.
On the other hand, we have applied KST. The Pring's Know Sure Thing (KST) indicator is a momentum oscillator. As shown on Weekly chart, the green line represents the KST and the redline is the 9 period SMA of the KST. Currently KST is already trading above o line and also turned above signal suggesting that further momentum can continue to be seen.
PFC has formed a diametric pattern on the weekly chart. The diametric pattern is a seven-legged corrective pattern. Wave 4 got completed in the form of a Diametric pattern.
On the daily chart, prices that were moving in the rising channel have finally given a breakout on the upside. The current rise is in form of intermediate wave iii which is unfolding in the form of an impulse pattern. 75 EMA is providing good support to the trend at around 170. This suggests that the uptrend remains intact with the short-term support at 170 levels. A breach below this support level will be a sign of concern.
In a nutshell, trend for PFC is positive and we can expect the stock to eventually move towards 225-230 levels. Use dips as a buying opportunity as current rally was sharp so it is best to avoid catching tops. Whereas any move below 170 will be a sign to get cautious.
Happened:
PFC Daily Chart as on 11th July, 2023
As we predicted 1 month back if this stock holds 170 levels on the downside then a good rally can be seen with the targets of 225-230. In today’s session, prices made high of 229.60 which is almost near our target of 230. Stock has moved more than 18% from our buying levels within just a month. This up move we have been able to capture with the help of Elliott wave, Time cycle along with price indicators.
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