Piyush-Gupta
Long

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

NSE:RBLBANK   RBL BANK LTD
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102
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

Comments

Great find @Piyush-Gupta . It's very hard to find confluence of 6 indicators at 1 point in time.
For my learning I would like to ask you if we keep all other TL's aside the stock has to reach 200+ for C & H pattern to complete because neckline is around 200-205 range. Please confirm of that is right.
+13 Reply
Piyush-Gupta Chandruuu
@Chandruuu, Thank you brother. C&H breakout is around 195-196. Kindly see i used wick of green candle for cup starting point and if you draw TL from it, then level is around 195-196
Reply
Sir ji very nice observation. Can I get your telegram channel also
+5 Reply
Piyush-Gupta abhijitjodhpur
@abhijitjodhpur, sent you message with details
+1 Reply
I want to learn price action
+3 Reply
Piyush-Gupta maheshjirankali
@maheshjirankali, sent you my details to contact on private message
Reply
Superb analysis sir....
+1 Reply
Piyush-Gupta vinesh2719
@vinesh2719, Thanks brother.
Reply
What about sail
+1 Reply
Piyush-Gupta sabappatigadolli1964
@sabappatigadolli1964, sir it is not possible for me to provide stock views as I am working professional. I want everyone to become independent using simple price action chart analysis.
Reply
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