arunkrmishra2000

Bandhan Bank Chart Analysis

NSE:BANDHANBNK   BANDHAN BANK LTD
Double Top Pattern
1. Double Top Pattern is a Trend Reversal Pattern.
2. In this case the trend prior to the Double Top Pattern was clearly an Uptrend.
3. Bandhan Bank broke the confirmation line and a good entry, in this case, would have been @ 374 on 15. 01 .2021 using the Retest Entry Technique.
4. Target would have been the Height of the Double Top Pattern or 2R.

Ascending Triangle Pattern
1. Ascending Triangle Pattern is a Trend Continuation Pattern and should be identified in an Uptrend.
2. Similarly, Descending Triangle Pattern is also a Continuation Pattern and should be identified in a Downtrend.

Bandhan Bank is forming an Ascending Triangle Pattern in a downtrend. Is it still valid to trade this pattern?. Nonetheless, the fact here is that the buyers seem to be in control forming higher lows and if the resistance of 350 is broken we can go for a long trade with a target of 380 (confirmation line of the double top pattern) or 400 (width of the base of the triangle). But it all depends on how the stock behaves at the breakout or breakdown.

Comments

explaining chart & understandable....keep going sirr
+1 Reply
arunkrmishra2000 ANKITHSHAJU
@ANKITHSHAJU, Thanks for the nice comment
Reply
Nice setup
+1 Reply
arunkrmishra2000 DalalStreetTrader
@DalalStreetTrader, Thank you
Reply
Nicely Done .. More probability of hitting 380 as T1 target definitely can Go long , But this is highly volatile stock . Many other banking stock are also available at good discount of 10% from their peak ( ICICI / HDFC / KOTAK )
+1 Reply
arunkrmishra2000 nitinsgadekar69
@nitinsgadekar69, Thank you. What you are saying is true but on Bandhan Bank's defence, it has made a beautiful pattern :)
Reply
goood pattern smart sharing idea🎉🎉🎉🎉👍
Reply
Falling stock, See next week only Bank NIFTY crashes heavely
Reply
arunkrmishra2000 tabubakar786
@tabubakar786, Yeah sometimes things don't work as we expect them to
Reply
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