RBL Bank has given a nice breakout with large green/bullish candle and above average volumes from descending triangle on the daily chart.
Long positions can be initiated at a pullback to descending triangle near 525 levels .
Also price is contained in a rectangle/box range of 500-550,10% and once it breaches 550 levels we may see an immediate move of at least 10% as per measured move rule which says that a move outside the box range implies a move at least equal to the height of the box.
Long term investors can look for a potential move of 60-70% as a continuation from the pennant formed on weekly scale with a pole of 70-80% (340-580)
Long positions can be initiated at a pullback to descending triangle near 525 levels .
Also price is contained in a rectangle/box range of 500-550,10% and once it breaches 550 levels we may see an immediate move of at least 10% as per measured move rule which says that a move outside the box range implies a move at least equal to the height of the box.
Long term investors can look for a potential move of 60-70% as a continuation from the pennant formed on weekly scale with a pole of 70-80% (340-580)
Trade active:
It seemed to take support at the 62 EMA ,and a harami pattern formed ,so initiated long positions.Stoploss should be a close below the 62ema on hourly chart.
