NSE POLYCAB has broken out a cup and handles pattern at the weekly timeframe chart. The handle has given 50% Fibonacci retracement of the cup.
The neckline at 2862 has provided resistance to the price until it broke out. Along with the relative strength index, the 20 and 50 moving averages are indicating bullish momentum.
If the price sustains the above swing high at 2862, traders can trade for the following targets: . The trade will be invalid in case of spring or close below the neckline.
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