Wedge pattern Breakout in RBL BANK (Monthly Chart)

Jun 20, 2023

RBL Bank reached an ATH of 716.4 in May'19 and corrected approximately 90% to reach 74.15 in the month of June 2022. It then took support at lower trend line of the wedge and rose by 255% in 7 months i.e. till Jan'23. Since then the price has been hovering near the upper trend line (resistance) of the wedge.

Risky Traders Entry: Only above 176 (daily closing price)

Safe Traders Entry: above 180 (June month closing)

Stop Loss: 172.5 (daily closing basis)

Fundamentals:

1. Qtr Revenue grew 20% YoY and Qtr Net Profit grew 37% YoY.
   
2. declared Positive results for the last 7 consecutive quarters.
   
3. Highest ever revenue of Rs.3170 Cr and Highest ever profit of Rs.271 Cr.
   
4. Lowest NPA and Highest Credit to Deposit Ratio.
   

Jul 4, 2023

Note

Breakout confirmed!! Now one can make entry for the assigned targets

Feb 1

Note

Target 1 achieved on 15th Dec'23 !!

Aug 2

Trade closed manually