Cup and Handle with Long term Resistance breakout in Bank of Baroda.
PSU banks have already given a breakout and are in an uptrend.
Looks good for targets of 140-160
Bank of Baroda trading in a positive higher high and higher low channel, If it break and sustain above 103.85 level, T1 - 110, T2- 116, T3- 125
SL would be 94
NSE:BANKBARODA
It has formed rounding bottom pattern on daily time frame. Breakout of it seems to be happen in coming days.
But I have mentioned safe trade levels on either side. Better to wait and let this levels break and then take trade.
Do comment your doubt or suggestion.
Bank of Baroda in monthly ,weekly and
in daily time frame is forming cup pattern
if all go well as per technical of Bank of Baroda
very soon level of 92 than if handle forms it may correct upto 88-86 and
than after 92 level we can see breakout
upto 110-115
strategy upto price level 90
sell put @5.75
buy BOB fut @80
comments welcome
mcpriceaction
Head & Shoulder Breakout
Buy Bank Of Baroda
Closing Price - 80.8
Strict SL - 75 (DCB)
Target - 92.5
One Can Buy In Future As Well
Lot Size - 11700 Share
cnxpsubank index @2240 clearly making cup& handle pattern. Is the risk reward favorable to preempt the formation before breakout?
Those who are seeking opportunity should give it a try. With entry point 2240 and stop loss at 1900 the reward seems to be 3600 which is 1:3.
Seems to be best bet for next 3 months or so. Weekly positive DMI moving up again and...
This analysis is also at the request of quite a few well wishers.
Self Explanatory.
On a larger picture it can be seen as a breakout from a flag pattern.
Wait and enter only on a reversal preferably above the blue line.
