Oriental Bank : Time to go for bottom fishing
Updated
Oriental Bank is trading at the lower end of upward moving channel.Daily and hourly RSI are showing positive divergence. Also, counter is trading close to 50% retracement of entire rally from 58 to 119 which is 88.40. Risk : Reward ratio looks favorable plus indicators are suggesting probability of reversal from current level. In fact, the most positive is the long term bullish trend which will remain intact till the time it is closing above 77 on daily basis (higher top higher bottom structure).Trader can buy around 90-88.50 with stop loss of 86 (hourly closing) for target 1- 98 and target 2-105.
Stock has moved the was as we predicted in our report on 12th April.
Stock has moved the was as we predicted in our report on 12th April.
Trade active
After making low of 87.90 stock is not trading at 96.20 almost near to our 1st target. trail stop loss to 89 and book 50% profit near 1st target. Remember to book all before the start of session on 23rd May.Trade active
CMP 101.50 . Book profit around 104.
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