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Short

BankBaroda: Possible Trajectories for the Wedge Pattern

NSE:BANKBARODA   BK OF BARODA
180 0 9
I know many of you would disagree with this wedge drawn by me but dun worry I have checked many possibilities and this drawing seems to be more accurate.
Whenever I see a wedge pattern like this the possible target for me the apex of the wedge , which in this case falls in 157-159 zone. This is also a confluence point of an important trough (green rectangle ) as well as a long term rising trendline (thick green line).

I would be quick. Two possible scenarios:
i) Price range narrows down and pops up of the pattern, follows trajectory A and faces resistance in the 175-180 zone. Then retrace back to the target zone of 157-159.

ii) Price falls off the wedge and kisses the target zone then follows trajectory B and pulls back sharply to resistance 166-168. The price then retests the target zone before showing further price movement.

In both the cases the strategy would be to sell the pullbacks. However, the Scenario (i) would be more favorable as reward is higher and target would be yet to be achieved.

Trade safe, stay healthy.
Hit like, comment and share

Thanks
Comment: On trajectory B:
BOB overshoot the base of the wedge and made a deeper low. During current pullback, above 159 it can pullback to 166. But dun consider the bearish sentiment to die so soon. The chances of facing resistance @ 166 zone are higher from where it may again touch 158.

snapshot
Comment:
snapshot
Comment: Signalling weakness
snapshot
Comment: It was fun riding with the price action. Expecting some blip on downside in near future.
All the best with this one.
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