The descending triangle and head and shoulder is signalling short term trend reversal. We will probably retrace to the green line where it meets the uptrend line in the higher timeframes and start a fresh uptrend there. resistances are marked on the chart as red
Trade active:
Just as expected, Bank of baroda broke the neckline, hit the support and bounced from there and closed right below the neckline/overhead resistance. A break of our support at 107.55 would probably send it right down to 102 levels where we have a strong support.
However since, we are still playing in an ascending triangle in the longer time frames, we could see a reversal for bank of baroda here. For intraday, a position can be taken around 113.8-114.
This is not a trading advice
Just as expected, Bank of baroda broke the neckline, hit the support and bounced from there and closed right below the neckline/overhead resistance. A break of our support at 107.55 would probably send it right down to 102 levels where we have a strong support.
However since, we are still playing in an ascending triangle in the longer time frames, we could see a reversal for bank of baroda here. For intraday, a position can be taken around 113.8-114.
This is not a trading advice
Trade closed: stop reached