NeeteshJain
Short

Bank of India - Bearish Pennant Breakout

BSE:BANKINDIA   BANK OF INDIA
1325 25 34
It is been observe on the daily chart that the price action breaks out from a bearish pennant pattern, indicating a further fall to downside.

Target: 130

Stoploss: 144
Trade active
Trade active: Rally Begins
Trade active
Comment: Hold your shorts until the price action closes above 141-142 levels.
Trade active
Trade active
Trade active: It shall break the support of 136 levels today.
Trade closed: target reached
Nice Chart Sir,
Could you please advise as price & RSI shows divergence , Can't be a false break out ? for me its looks like so.
On the other-hand, there is a bullish Gartley pattern near its completion on 30 mins chart
snapshot
+3 Reply
@gulz, Nice charts, Yes there is a possibility that it may go up to 142 levels but until it closes above that levels there is no change in pattern or short term trend. Thanks for sharing.
Reply
gulz PRO NeeteshJain
@NeeteshJain, Thank you

Agree with you ( just noted your trade setup while i was preparing the harmonic trade)
Reply
gulz PRO NeeteshJain
@NeeteshJain, The current level is a good support with fib confluence.
Reply
abhinavk31 NeeteshJain
@NeeteshJain, time to book profits? Or further downside can be expected? Please advise
+1 Reply
@abhinavk31, 130 levels where we book profits, let the down fall flow.
Reply
Finally some movement!
Reply
Any fresh view on it
Reply
@anand19, View remains the same.
Reply
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