Tuesday, October 25, 2016

Signet Industries - On the verge of Cup and Handle Breakout

Signet Industries, a company in Plastic Products.
The stock as seen on chart below is on the verge of a breakout This pattern is known as Cup and Handle pattern. The name Cup and handle arrived from its shape similar to a cup and its handle.

The same is marked on the chart. Typically the volumes increase just before breakout, that is during the handle phase.

In this case if the stock breaks out, has potential to reach its next resistance near 61. This is potential move of 41%


Disclaimer: The contents produced here are purely for educational purpose. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on above write-up.