dravya

ORIENTAL BANK - Triple Top Formation

Short
NSE:ORIENTBANK   None
176 views
7
The stock has formed a doji on having a triple top formation.

Volumes in this stock has previously also failed to follow up with good rallies.

Can be looked to short below the trendline.
Comment: The 15 min chart shows above average volume.
Take this into consideration too.
Comment: Hence, go long in the case of breakout with good volumes.
Comment: Volumes don't matter in this stock . Proven today again. Classic reversal from triple top and trendline has been broken. Unless it sustains above the line for a while, stock's weak. Shorting opportunity.
Comment: Closing above the line. Not weak. No shorts.
Comment: 23 Mar : As suggeested , no shorts to be taken. It has given good follow through. Initiate longs, shows good signs of strength.
Comment: Longs initiated have given 3 % gains today.
Comment: 7.5 % up today. That's great :)
Comment: Lesson revisited : Volumes do matter as always.

Comments

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