0.5 and 0.618 in Fibonacci is a golden zone from where price retraces so here Bandhan bank was following a trendline so to predict that pullback we used fib! We plotted Fibonacci from 165 to 423 (uptrend) and if we observe the reaction to our golden zone we can see it is a very important key zone. It broke out of Falling wedge with a nice breakout with good volumes. Since it gave a nice move after breakout so we need a minor pullback and that can happen if the price retests but 295 fib level is way too far and so I plotted Volume profile . Now it's clear, enter at POC (highest traded line) and that will be our entry point. A logical SL below 265 because what if it retests deep? We need to think like this. Targets are 350, 425 for as long we don't see a reversal in future! Get set go! HAPPY TRADING 💹 SUMMARY:- Entry only if it retests depending upon the depth i.e. best entry 309 (at POC) SL below golden fib level i.e. around 250 T1 350 T2 425
Great analysis. I have been holding it for 7 months now with 5500 shares. It’s fundamentally great company. Their cost of capital is rising which can be an issue. Are you on twitter? Great community there I usually try to aggregate related to trading there.
UnknownUnicorn21160479
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@tejasvr123, Thank you. Not now but I will join soon!
skr6977
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how to plot volume profile
UnknownUnicorn21160479
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@skr6977 You will find Volume Profile in 7th left hand side column (long position tool column) vertically. It is named as Fixed Range Volume Profile.