Possible Breakout in KotakBank
Updated
After the close of today's session (31/05/2021), Multiple bank scrips in NIFTY seems to be hovering around a defined resistance zone.
KotakBankseems to be one of them.
Notes:
- The Scrip has been consolidating heavily since 24th March 2021 between 1691 and 1815.
- The points where the scrip previously tested the ranges are highlighted and you can see the rejections.
- It is currently consolidating right below a resistance zone for the past 2 days making a flag pattern.
- Open for both aggressive ( above 1815 since the flag breakout will be confirmed) or conservative traders ( Above 1825 to clear previous 2 Swing highs)
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
KotakBankseems to be one of them.Notes:
- The Scrip has been consolidating heavily since 24th March 2021 between 1691 and 1815.
- The points where the scrip previously tested the ranges are highlighted and you can see the rejections.
- It is currently consolidating right below a resistance zone for the past 2 days making a flag pattern.
- Open for both aggressive ( above 1815 since the flag breakout will be confirmed) or conservative traders ( Above 1825 to clear previous 2 Swing highs)
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
Trade active
It has broken down from the flag pattern (F1) and has made another new flag (F2) with a shorter pole.Still bullish, expecting a breakout from the 1815 zone.
Trade closed manually
Should have posted the daily chart. Sorry.Manually closing the post.
Note
Looks like a descending channel formation
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