'Long' on CSB Bank for Short Term
Updated
CSB BANK reached a 52W high of 275.05 on 19th Dec 2022, after which it went through a correction of nearly 21%. Well, the downtrend came to an end today, when it gave a breakout from wedge pattern rising by 8.89%.
In terms of price action, the stock is trading well above all the short-term and long-term moving averages.
RSI is above 55 and MACD gave bullish crossover above its signal line today.
Based on bullish moving averages and technical indicators, it is expected that the stock's price will continue to rise towards the assigned targets, with a recommended stop loss of 238.50 on a closing basis.
In terms of price action, the stock is trading well above all the short-term and long-term moving averages.
RSI is above 55 and MACD gave bullish crossover above its signal line today.
Based on bullish moving averages and technical indicators, it is expected that the stock's price will continue to rise towards the assigned targets, with a recommended stop loss of 238.50 on a closing basis.
Note
Price has crossed 247 on closing basis. One can initiate long positionNote
Stock touched intraday high of 290.75 @2.25 pm. Hence, assigned target of 290 is achieved.
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