ALBK : Still wait for directionToday ALBK has jumped up with huge volume but still trend is not clear. Weekly close above 51 would open next target of 59. 3 weeks back it had tried to close above weekly bollinger band mid line but couldn't sustain upward thrust. Today also counter tried to move past 50 on closing basis but couldn't sustain. Though volume was extraordinary but still we should wait for weekly close above 51.
If you see counter closing near 51 in Friday then can initiate long position with stop loss of 46 (daily closing) for 1st Target of 59.
Allahabadbank
bank nifty IMPORTANT levels on different FRAMES all levels are important and taken from different frames , one can draw an own conclusion from the above
Pitchfork Good Risk to Reward TradePitchfork is catching the price movement nicely. It has broken the LML* but immediately came back into it thus showing the demand at current level. One one can take small risk of low of today as SL and buy the stock. We can expect the target of 46.80 which offers a very good risk to reward, so it looks OK to go for contra trend trade. I am not expecting a trend reversal here just banking upon pull back.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
333 in canbk ...!!? within next 2 months!i see that the stock has good chances of touching 333 in next 2 months!
Bullish 3 Drives patternThe bullish three drives pattern offers a potential reversal point for a bearish market after forming three consecutive bottoms. The symmetry is very important for this pattern and its clearly visible in this case. Although the stock has already reacted from the third bottom but yesterday news based pull back could be used to enter the stock.
Entry : 69.75
Stop Loss : 68.30 (closing basis)
Target : 77.50
Risk to reward ratio : above 7
Symmetric Triangle BreakoutAllahabad bank broke out of symmetric triangle and closed the day above it.
Go LONG with target of 88 with stop loss of 68
Allahabad Bank may retrace to 72Allahabad Bank has been trading in uptrend channel and its approaching channel support,stock may retrace to up to 72 in coming days.
Allahabad Bank approaching resistance level 70Allahabad Bank has been retracing after falling to 61% fibo level and breaking the levels its approaching the 38% fibo level,There may be buying setup after the breakout of resistance 70,buy above 70 is suggested else short with target of 63.
Allahabad Bank short setup.Allahabad Bank has been trading in down trend in a channel respecting support and resistance today it closed on bullish sign and may see upside but limited up to 69 as channel resistance, we may see further reversal from 69 level to channel support around 64 in near term. traders may enter short at 69.00 with a target of 64.00
