FourSTechnicalAnalysis

BANDHAN BANK LONG Setup Explained : Potential Breakout

Long
NSE:BANDHANBNK   BANDHAN BANK LTD
NSE:BANDHANBNK

  • Stock is in a healthy uptrend
  • The resistance has now turned support
  • Stock is in a Range and has the potential to bounce off the support area after consolidation
  • A close above 356 on Daily or Hourly timeframe followed by a closing green candle should trigger LONG position
  • Stop Loss of 290-292 is advised
Trade active: Price has closed below major support area and overall Banking Index has taken a major HIT. Stock showing some signs of recovery. Key is to watch whether it will breakout of 320 levels or will it be a retest and breakdown. That will decide my next move... Happy Trading