Double Top Pattern
1. Double Top Pattern is a Trend Reversal Pattern.
2. In this case the trend prior to the Double Top Pattern was clearly an Uptrend.
3. Bandhan Bank broke the confirmation line and a good entry, in this case, would have been @ 374 on 15.01.2021 using the Retest Entry Technique.
4. Target would have been the Height of the Double Top Pattern or...
Bandhan Bank broke its long term channel and has simply crashed out of the 'long' thesis. However, this might be the last support zone maintaining that 'long position'. Let's track it actively and be careful. Also remember that Microfinance is not Retail Lending Business.
It looks like Bandhan Bank will seek lower levels in the near term. From January it started falling from an intermediate high of around 420 levels to 300 levels. Then it consolidated in the band of 320 – 360 for about 10 weeks. Now it has resumed its downward movement. It has broken an important long-term support trend line, in spite of Bank Nifty being strong...
Bandhan Bank (NSE Cash)
Resistance: 344.75 / 349.90 / 357.70
Market cap: 529.649B
Rel vol: 0.28
Avg vol: 10.191M
***Technical data looks good
Daily charts (long term)
The charts are in an uptrend.
20 DEMA is below 100 DEMA but there is a reversal.
MACD is showing a bullish reversal in the bear zone so we...
It has given a bearish breakout on the daily chart. It had given an early sign of poor result expectation on 6th May 2021. We can expect the price to fall up to 270 in the near term. 270 shall be a good price range to go long, with a stop loss of 245.
In the Daily chart, Bandhan Bank is showing a clear breakdown of support with significant volume which shows that there is weakness in the stock. If it continues to fall with good vol, then one can short according to own risk appetite. It can be either swing or intra short.
289 -285 is the support zone where price can take support and bounce. If finds long lower wick or bullish candle or narrow range candle then will go for buy with stop below 265.
Disc : it's not an investment advice to buy or sell
Can we expect a reversal?
I am slowly building up my position for a long trade - overall planning to buy some 1500-2000 Eq Share for long to med-term
Presently I am putting on 25% of the expected allocation, with a maximum expected loss of only 1500-2000 Rs. Note I am not buying futures, I am doing with Eq shares only - so that I can slowly build the...
Bandhan Bank looks really good at these levels for accumulation for long term. The chart is quite self-explanatory. The bank is definitely coming out of a big crisis and one needs to be careful with the situation at hand. The channel should hold and it should be respected.