It has been observed that after a sudden huge gap up, the price action came down gradually and covered the big gap. Now, it is striving to breakout from the downward trend line in order to revive the trend.
As market turnaround suddenly, therefore to give extra support to our longs in Andhra Bank, I would revise the stops at Blue line support at 58.50.
As expected, it did come down to Blue support line and quickly got up due to increase in volume. Blue line again indicated a strong support.
Sometimes, bottom fishing is painful and demands lot of patience, similarly happened in IDFC and IDFC Bank but overall this stock has strong potential to grow as a company and as per Monthly and Daily chart. Thanks
@76764554 shared a new outlook for support zone in Andhra Bank.
The Stock has reached below the mentioned stoploss and some of the traders who entered early with me without confirmation of closing it above 61, now got stuck.
Now, I believe it has bottomed out, taking previous 57 low levels as a new support. I shall be hold till it is above 57 and then if it breaks down then will surely exit.
@WaveTradersproGroup, Yes, it did. But we got entered early, triggering FOMO (fear of missing out) emotion. Thanks for sharing the previous chart. Do you still feel that it will further breakout previous low levels at 57 and further break down?
@angelrishi, i really dont know , because not technical analysis is working , Large institutional have made a very disagreement with Budget out come , so when larger investors are throwing the stocks , then i prefer to stay away form current market