RBL Bank : "W" Pattern...!All PSU Banks are coming Value Buying zone. RBL Bank on Daily TF wee can see that Stock has made volatility Divergence which was broken on this week. Stock Made "W" Pattern with volume support, and making strong momentum on Daily & Weekly Basis. Stock Closed above 20 Day MA. Which indicates stock is ready for upside.
Entry : CMP
SL : 160
Upside Move : 170,172
RBLBANK trade ideas
RBLBANK RBL Bank can now move to either side, it is better to keep moving in the overall market. if the trend is upward, we can try to take a position above @163 based on our setup. and if the trend is downward then plan to short below @160 based on our setup.
Entry:- Above @163 either below @160
Target:- 1:1 or 1:2
RBLBANK - Bullish Engulfing Reversal NSE: RBLBANK is closing with a strong bullish engulfing reversal candle.
Today's candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
One can look for a 8% to 11% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
#NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
Disclaimer:
This is for educational purposes only.
RBL Bank Trading Opportunity# The stock is witnessing strength along with bank nifty
# The stock did only 38% retracement of the recent move from 81 to 96 before Q1 result and has crossed the high made before result.
# post result selling was on higher volume and today's outperformance suggesting relative strength and continuation of upmove.
# Fundamentally the market reacted post the announcement of new PSU bank CEO fearing massive increase in NPA which did not happen in Q1 result.
# Both microfinance and credit card business is expected to improve from here on along with wholesale business. The bank doesn't need to raise capital due to sufficient CAR.
# immediate resistance could be visible around 100 level but the stock should eventually reach 115 level (level seen prior to new CEO)
# At 96 a long position with SL at 89.9 and a tgt of 115 results in a RR of 1:3.
IS it Worth Buying RBL Shares in 2022 ?? Click to ReadRBL Bank after correcting by >50% in last 6 months, may give a bounce.
By Looking at Charts & its Structure, it seems that RBL Bank may ‘Fill the Gap” which formed in dec -2021 at around Rs.171, in next 10–12 weeks.
Also, Stock has formed “Double bottom” Pattern ( or W Pattern ) on weekly Charts, which is Bullish in nature, & Stock is on Verge of breaking Trendline and Pattern Target indicates, Stock can easily give 100% return from CURRENT level.
This seems achievable only if Price Stays above Rs.100 /- on Weekly Closing, If stocks closes below Rs.100/-, then all hell will break loose, one should Exit the stock ( or can SHORT for Lower Levels ).
P.S: For Academic purpose
#investing #investment #share #Ichimoku #chikoutrader #RBLBank