BANK OF BARODAViés de baixa
BANK BARODA NEGATIVE RSI DIVERGENCE
Bank Of Baroda is an interesting chart forming bearish set up with following
1. Negative RSI Divergence on weekly chart
2. RSI crossed below 40 on daily chart
3. Price crossed below 20 Week (100 Day) Moving average
4. Price never crossed above the high of huge RED ANCHOR candle formed on 04-06-2024 and is constantly facing resistance near high of the anchor candle and has formed resistance in area of 270-285 zone
CAUTION : Price is approaching near 200 day moving average at 245 levels which will act as major support and if price slips below 245 , more downside cannot be ruled out.
Keep on radar and
Better sell on rise near resistance as per one's own risk reward.
Fundamentally : Following Risks and negative points are visible
Company has low interest coverage ratio.
Company has a low return on equity of 13.9% over last 3 years.
Contingent liabilities of Rs.6,40,763 Cr.
Where as stock is trading at just 1.08 times its book value
Lets see How it evolves from here further
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to have some with my own Risk Reward matrix.
1. Negative RSI Divergence on weekly chart
2. RSI crossed below 40 on daily chart
3. Price crossed below 20 Week (100 Day) Moving average
4. Price never crossed above the high of huge RED ANCHOR candle formed on 04-06-2024 and is constantly facing resistance near high of the anchor candle and has formed resistance in area of 270-285 zone
CAUTION : Price is approaching near 200 day moving average at 245 levels which will act as major support and if price slips below 245 , more downside cannot be ruled out.
Keep on radar and
Better sell on rise near resistance as per one's own risk reward.
Fundamentally : Following Risks and negative points are visible
Company has low interest coverage ratio.
Company has a low return on equity of 13.9% over last 3 years.
Contingent liabilities of Rs.6,40,763 Cr.
Where as stock is trading at just 1.08 times its book value
Lets see How it evolves from here further
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to have some with my own Risk Reward matrix.
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