Allahabad Bank short setup

Short ALBK at CMP

SL: 78

Target1: 64
Target2: 58
Target3: 50
Comment: Another way of looking at the setup if head and shoulders pattern on day chart which is not yet complete and doesn't appear like a text book pattern.

But our short trade is already active going by weekly chart trend line breakout.

Trade active: Shorted at 69.5
Comment: So far it made a low of 64.2 (very very close to our 1st target of 64)

Comment: Done with Target1: 64
Respective tRex88, I have no experience in stocks, I am familiar with the mcx commodity mkt. I always fear about stock mkt because nifty index factor. I know price should go to neckline to fulfill the HS pattern. This is the last wave of HS, which is also covered half of distance to neckline. But fear is that , if nifty turns bullish ? then what will happen ? I went short here , but fear remain intact. In past , I tried stock mkt trading, took positions after with good chart patterns but nifty movement made the pattern falls. After some years I am trying again.
tRex88 vaibhav14476
@vaibhav14476, All the best Vaibhav! May Nifty and Bank Nifty be with you.
Chanting Sri Vijaya Mallya Sahasranam will make bank stocks fall rapidly. Banks will surrender to it. All the obstacles (support levels) will be gone.
(just kidding brother Vaibhav :D)
if nifty remain bearish, 57 is possible after breaking neckline
tRex88 vaibhav14476
@vaibhav14476, Cheers!
nice bro :D
+1 Reply
tRex88 AkshatPatwa
@AkshatPatwa, Thank you _/\_
Lets hope for the best!
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