As previously shared my bullish view on PSUBanks in August last year, they did a dream rally from there on and now after a correction from hitting the supply zones they are back in good demand zone.
The index is currently making falling wedge on weekly tf, with a large picture showing a cup & handle where handle is potentially the falling wedge formation, Also a...
As indicated in my other post related to PSUBanks ( idea, which looks to be bullish.
BoB in PSU Banks is looking a good setup and here is my overall analysis for this
On Monthly timeframe, price has given a falling channel breakout and also given multi year breakout of 2018 high and has retested as well it
On weekly time frame, stock has given a...
Last week view
On Weekly charts PSUBANK index is moving in this channel and has made a doji at upper resistance line.
This is also kind of pole & flag pattern, if breakout happens upside then we can see good momentum in PSU banks
Latest position
This weekly closing is above the channel but the candle is not very bullish.
NSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22.
The index broke out from this consolidation in Aug, gave a retracement back to the...
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...
The key levels to watch out are mentioned in the video. Trade as per the levels mentioned after finding a suitable candle patterns at support and resistance levels.
For the accurate levels, Follow me on trading view and Insert this indicator from library or from my profile under Scripts.
Happy trading.
GOVT. BANKING SECTOR NEED MORE CORRECTION..
2680 IS GOOD SUPPORT ..
BELOW IT WE MAY SEE 2200 AND 1870 LVL..
SO THINK DEEPLY BEFORE INVESTING GOVT. BANKING STOCKS..
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