RBL Bank --may give immediate 10% upmove

153 3
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)
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.
Time frame for long term investors.
atul4b95 ani.animesh.13
@ani.animesh.13, It is said that ,the exit velocity of price leading out of a chart pattern nearly matches the velocity going into a pattern, so we may see the long term target in 4 to 6 months . :)
Nice analysis
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