AbhishekHSinghCMT
Long

ALBK - Lawyer back in courtroom-Trendline-Bottoms-Candlestick@67

NSE:ALBK   ALLAHABAD BANK
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Lawyer is back with the bank in current case as client

Previous Analysis ( Act like Lawyer)


Trendline passing through 39.40--57--67.30
Basic Application of Technical Analysis - 2 points to draw a trendline & 3 points makes a valid trendline- the more bottoms you see on this line which is coming from 39.40 lows -holding this line line supports in future as well -then you conclude it is a stronger trendline unless in future this trendline gets broken.

Double Bottoms
Lows in the zone 66.75 -67.30 has holded & can be a possible double bottom which is confirmed only if 92.40 highs is taken out on top but it has supported in the zone 66.75-67.30.

Bullish Candlestick Pattern
3 candlestick pattern know as Morning Star can be a good sign of reversal shown in oval shape at 67.30 lows.

What is a 'Morning Star'
A morning star is a bullish candlestick pattern that consists of three candles. The first bar is a large red candlestick located within a defined downtrend, the second bar is a small-bodied candle (either red or green) that closes below the first red bar, and the last bar is a large green candle that opens above the middle candle and closes near the center of the first bar's body or closes above the high of 1st red candle- Extreme bullish case. We have extreme bullish case.

Trading Strategy
Holding 65 on downside (Below 65 as stoploss) below expected double bottom zone of 66.75-67.30 if it starts moving above 74 then buy call can be initiated by Safe Traders. Risky Traders can buy in the zone 68-70 keeping stops below 65 because going below 65 -Downside selling pressure can be seen.

Bullish Pieces from the Lawyer to make a strong case. Let My Lord (Market) decide the result.
Trendline
Double Bottom
Bullish Candlestick Pattern


Target Zone
Can be 92 -previous high -above 92 can be 104 & above 105 can be 115.
Comment: 07:57 Hrs 19th June2017

Morning Candlestick Pattern under lens

Trade active: 13:58 Hrs 1st July2017

Last Price@67.85

It turned above 65 which was stop loss. Made a low@65.80- on upside it did not cross 74 highs.
Trade active: 11:30 Hrs 6th July2017

Last Price@69.20

Turning above 65 from lows of 65.80.

Trade active: 14:22 Hrs 10th July2017

Last Price@72

65.80 - ride on.
Trade active: 19:53 Hrs 17th July2017

Last Price@71.20

Double Bottom was excellent at 65-66 Zone. Protecting 65 lows & we expected to enter close - we got close with zero risk almost.

Trade active: 18:55 Hrs 5th Aug2017

Last Price@71.50

This is not an intraday call. It is a positional view for 90-95 Zone above 95 for 104-105 & above 105 it it can attempt 115-120 zone where it touches the top end of the channel.

Bottom is 65 from where it has already turned upside.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Long @70.10
Reply
@SatyamMishra, Monitor your positions tightly -do not allow it go below your entry price.
Reply
SatyamMishra AbhishekHSinghCMT
@AbhishekHSinghCMT, sure can I hold one option lot it with sl below 65
Reply
@SatyamMishra, You can do whatever you want to do - keeping in mind that ALBK should not go or stay below 65 mark -if that happens then it can face selling pressure.
Reply
SatyamMishra AbhishekHSinghCMT
Reply
SatyamMishra AbhishekHSinghCMT
@AbhishekHSinghCMT, sir it's not moving. What time frame you suggest?
Reply
@SatyamMishra, This is for longer time frame -I mean for 6-9 months next but not below 65 as suggested in the chart.
Reply
Thanks for your analysis, There are news also of possibility of merging it with PNB. Recent market positions has also increased in the stock security of ALBK. So there is a possibility of ALBK to go in BAN list where trading will not be allowed in Future and Options. Kindly provide a caution note to your followers.
Of course one can trade via cash stock.
Reply
@nirav5, Thanks for update.
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