After the close of today's session (31/05/2021), Multiple bank scrips in NIFTY seems to be hovering around a defined resistance zone.
KOTAKBANK
seems 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.
KOTAKBANK
seems 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.
Still bullish, expecting a breakout from the 1815 zone.
Trade closed manually:
Should have posted the daily chart. Sorry.
Manually closing the post.
Manually closing the post.
Comment:
Looks like a descending channel formation