Stock Radar: Down 20% from highs! PCBL breaks out of inverse Head & Shoulder pattern; time to buy?

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Short-term traders with a high-risk profile can look to buy the stock for a target of 540 in the next 3-4 weeks, suggested experts.

Synopsis

The stock reached a high of Rs 584 on September 30, 2024, but dropped to Rs 467 by December 5, a decline of over 20%. While the 20% fall signals a bear grip, a recent breakout from an inverse Head & Shoulder pattern indicates a potential comeback by the bulls.

PCBL Ltd, a part of the carbon black industry, has broken out of the neckline of an inverse Head & Shoulder pattern on the daily charts. This has opened room for the stock to head higher.Short-term traders with a high-risk profile can look to buy the stock for a target of 540 in the next 3-4 weeks, suggested experts.PCBL is the largest carbon black manufacturer in India and a strong global player with a significant customer base in 50+

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ETMarkets.com

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