How RBLBANK is going to play out?
Rblbank seems to have tested patience of many of us for 3-4 years due to bad loans and NPAs.
But the recent developments like healthy quarterly results, and Mahindra's stake indicates quite a promising outlook for this bank in upcoming future.
Technically, there are two possibilities:
1. Head & shoulder pattern: Apparently, a H&S was formed which seems to have been failed or it might turn out be a fractal or extended version of H&S.
If it becomes reality, sell below 210-213 on the breaking of neckline for the target of 180-190 (Remember: Mahindra acquired RBLBANK at 190)
2. Flag or pennant pattern: if H&S fails and the price advances and takes a support at around 226, then buy for the target of 270 and 290.
What do you think is about to happen? 1 or 2? Let me know in the comments section.
But the recent developments like healthy quarterly results, and Mahindra's stake indicates quite a promising outlook for this bank in upcoming future.
Technically, there are two possibilities:
1. Head & shoulder pattern: Apparently, a H&S was formed which seems to have been failed or it might turn out be a fractal or extended version of H&S.
If it becomes reality, sell below 210-213 on the breaking of neckline for the target of 180-190 (Remember: Mahindra acquired RBLBANK at 190)
2. Flag or pennant pattern: if H&S fails and the price advances and takes a support at around 226, then buy for the target of 270 and 290.
What do you think is about to happen? 1 or 2? Let me know in the comments section.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.