Long
Oriental Bank- Symmetrical Triangle and Resistance breakout
Oriental Bank of Commerce just broke of Historical Resistance range of 157-161 and closed above on Daily and Monthly Charts.
It earlier broke year long Symmetrical Triangle and since then it's in a Bullish trend .
My view is that Stop loss can be placed at 150 and target can be looked at around 260-270. Risk: Reward ratio is over 1:4.
Since this is a long term trade, it's excellent for Buy and hold for 4-6 months in Spot price and not a great option for Future trading since Stop loss is too wide.
It earlier broke year long Symmetrical Triangle and since then it's in a Bullish trend .
My view is that Stop loss can be placed at 150 and target can be looked at around 260-270. Risk: Reward ratio is over 1:4.
Since this is a long term trade, it's excellent for Buy and hold for 4-6 months in Spot price and not a great option for Future trading since Stop loss is too wide.
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