Piyush-Gupta

RBLBANK, PERFECT EXAMPLE OF 6 FACTOR CONFLUENCE (CHART# 298)

Long
NSE:RBLBANK   RBL BANK LTD
RBLBANK is forming multi factor confluence for multiple Trend lines along with Cup & Handle pattern which shows bullish nature post breakout zone of 188-190.
Immediate Breakout stands at 188 but safe traders should wait for 190 levels where true breakout from all the below factors will be reached.
1. Cup & Handle Pattern (Yellow)
2. Blue TL running since May' 19 (Long Term)
3. Yellow TL running since Feb' 20 (Mid Term)
4. Pink Horizontal Support Line
5. White TL since June'20 (Short Term)
6. Good Volume

Setup looks good for intraday but as some of these TL are running since long time, this can be positional as well provided NIFTY trend is also bullish . Currently I am not confident of NIFTY as 11100-11150 is strong resistance zone ,

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Piyush Gupta

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