NSE:POCL - Breakout from Double Bottom and Falling Wedge

Technical Analysis:
POCL has recently shown a strong bullish breakout from both a Double Bottom pattern and a Falling Wedge pattern, indicating a potential upward movement in the stock price. The breakout above key resistance levels suggests that the stock might be poised for significant gains.

Double Bottom Pattern:
The Double Bottom pattern, typically seen as a bullish reversal pattern, was confirmed with a breakout above the neckline resistance at around INR 875. This breakout was accompanied by a surge in volume, further validating the pattern.

Falling Wedge Pattern:
In addition to the Double Bottom, POCL has also broken out of a Falling Wedge pattern. Falling Wedges are generally considered bullish continuation patterns, and the breakout above the upper trendline at around INR 880 reinforces the bullish sentiment.

Potential Trade Setup:
Entry Point: After a confirmed breakout above the ₹ 875 level.
Stop Loss: Below the recent swing low at ₹ 850.
Target 1: ₹ 980
Target 2: ₹ 1063

Volume Confirmation:
The breakout was confirmed with a significant increase in trading volume, which adds to the reliability of the pattern and the potential for further upward movement.

RSI Analysis:
The Relative Strength Index (RSI) is currently trending upwards but remains below the overbought territory, indicating that there might still be room for further gains without immediate risk of a pullback.

Disclaimer:
This analysis is for informational purposes only and does not constitute investment advice. Trading stocks and other financial instruments involves risk and can result in significant financial loss. Past performance is not indicative of future results. Always conduct your own research or consult with a professional financial advisor before making any investment decisions.