RBL BANK CHART ANALYSIS
1) MAJOR DOWN TRENDLINE ACTED AS RESISTANCE AT RECENT HIGH OF 274.
2) STOCK IS TRADING IN HIGH CONFLUX AREA OF TRIANGLE PATTERN.
3) IT IS ALSO INTO A-B-C CORRECTION, RUNNING WAVE A WHICH MAY END AT 218. THEN WAVE B AT 50% RETRACEMENT GIVES TARGET OF 245. AND THEN WAVE C WILL TAKE PRICE TO 189 BREAKING SUPPORT TRENDLINE.
4) AVOID LONG TRADES. SHORT TRADES MAY BE ENTERED AT END OF WAVE B KEEPING STOPLOSS AT START OF WAVE A.
PLAN YOUR TRADE ACCORDINGLY.
THIS ANALYSIS IS FOR EDUCATIONAL PURPOSE AND NOT FOR TRADING.
1) MAJOR DOWN TRENDLINE ACTED AS RESISTANCE AT RECENT HIGH OF 274.
2) STOCK IS TRADING IN HIGH CONFLUX AREA OF TRIANGLE PATTERN.
3) IT IS ALSO INTO A-B-C CORRECTION, RUNNING WAVE A WHICH MAY END AT 218. THEN WAVE B AT 50% RETRACEMENT GIVES TARGET OF 245. AND THEN WAVE C WILL TAKE PRICE TO 189 BREAKING SUPPORT TRENDLINE.
4) AVOID LONG TRADES. SHORT TRADES MAY BE ENTERED AT END OF WAVE B KEEPING STOPLOSS AT START OF WAVE A.
PLAN YOUR TRADE ACCORDINGLY.
THIS ANALYSIS IS FOR EDUCATIONAL PURPOSE AND NOT FOR TRADING.