mayank79

#cnxpsubank cup & handle formation

Long
NSE:CNXPSUBANK   NIFTY PSU BANK
cnxpsubank index @2240 clearly making cup& handle pattern. Is the risk reward favorable to preempt the formation before breakout?

Those who are seeking opportunity should give it a try. With entry point 2240 and stop loss at 1900 the reward seems to be 3600 which is 1:3.

Seems to be best bet for next 3 months or so. Weekly positive DMI moving up again and Negative DMI facing down (suggesting bears are not interested) and with ADX at 30(very strong), this is a not to be missed opportunity Monthly Charts also confirming the pattern although ADX still sloping down suggesting the Index may move up with little time & bit of volatility . What`s your take?

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