nimbuz90

RBL bank - Broad Range consolidation Breakout overdue

NSE:RBLBANK   RBL BANK LIMITED
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The stock has been consolidating for over few months. A breakout from this range is expected upside. But there are two scenarios once this BO takes place.

1. Either the BO sustains and gains momentum to reach the extreme high.
2. Or it could be a false BO and trap bulls n fall back into the mid range point and the move to upside might take place later.

But the views here favour the 1st scenario. The bull waves inside the range gets to be the impulsive move and concur along the trend. While the bears are getting tiresome. The bulls are gaining on volume too.

Eitherway we need to wait for the BO to happen and enter on bullish confirmation only.

For study purpose
Thanks.



Jan 15
Comment: It did not come to the recommended level. Instead it decided to range inside again.
The setup is invalid for now.
Thanks.
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