Note: This is for educational purpose only.
There seems to be a formation of Inverse Head & Shoulder pattern in Bank of Baroda with rise in buying volume. Moreover, RSI is above 60 indicating strong bullish momentum.
Long Bank of Baroda with a target of 50 and 65 for 25 to 30 day range
SL around 35
1. Expected Breakout in Long term trend line in Daily chart
2. Bullish Momentum divergence in OBV as Price is falling but OBV rises
3. Breakout in OBV trend line
RSI Divergence and Bank of Baroda has not participated in the current rally.
Go Long with Target up to 65 wit SL of 48
Disclaimer : I am not a SEBI registered investment advisor. All views expressed are for educational purpose only. Kindly consult you financial advisor before trading or investment. I may or may not have position in the stocks described for...
Descending Triangle formation on Bank of Baroda Chart.
Descending Triangle is a consolidation pattern .
According to the pattern, a possible downside breakout is expected.
Watch the last 3 Candlesticks:-
16 April 2020 - Dragonfly Doji
17 April 2020 - Spinning Top
20 April 2020 - Long Legged Doji
All these candlesticks are neutral candlesticks .