Bank Baroda- Will BOB bang the ceiling 190-200?

It was really exciting in the BOB counter as well when I first realised few months back that Y-wave shall come close to end in the zone 190-200- which unfolded as per my expectation- but took lot of time.
We all know financial markets never move in straight line so did this complex Y-wave as well.

What Next?
Zone of 190-200 has been rejected thrice on earlier occasions & this time could combine with channel top resistance & finally this complete move again looks very choppy & puzzled from the lows of 109.35

So, the time has come that traders should be careful in the 190-200 zone & as I always repeat, do not jump in the trade -closing your eyes- let market show us the way- where it wants to head, then nail it as early as we start getting some clues- yes that is the zone I want to sell.

Stops are not clear in present stage, but we will take one step at a time, let BOB bang the ceiling first in 190-200 & we get the feeling

You would also love to read my earlier analysis

Melting Below 177-178- will trump trendline support

Look for retracement from 162 Highs

Bank Baroda 2016 Diary
Trade active: 09:55 Hrs 6th Feb2017

Last Price@191.20

Happy that it enters the zone as discussed yesterday
Trade active: 11:39 Hrs 6th Feb2017

Last price@188.30

Once it bounces close to day high in the zone 190-191 & fails to take out 191.70 which is high for the day & later falls below 187 then we will put stops above recent high which is below 191.70 & look to sell.

Trade active: 13:51 Hrs 6th Feb2017

Last price@185

Started giving feelers that it is looking down so get in if you get the bounce or looks 192 could be the top.
Trade active: 13:18 Hrs 7th Feb2017

Last Price@190.20

Got the bounce to day's high between 190-191 which is very close to yesterday's high@191.70

Risk Takers can sell at current price @190 if they can afford to lose 2 points with stops above 192.

Safe traders can trade -once it starts moving below 187.50-186.50 & sustains below that zone, then one can sell with stops above 192.
Trade active: 15:33 Hrs 7th feb2017

Last Price@186.45

Awesome we got in the trade -Right at the top@190-191 zone - Yesterday's High @191.70

So we practically lose nothing - zero risk- an awesome it will turn out if falls below 183-180 zone.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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