Dhanlaxmi Bank cmp 38.05 by Monthly Chart view since listedDhanlaxmi Bank cmp 38.05 by Monthly Chart view since listed
- Price Band 30 to 34 Support Zone
- Price Band 46 to 51 Resistance Zone
- Falling Resistance Trendline Breakout done and seems sustained
- Weekly basis Support at 27 > 17 > ATL 7.15 with the Resistance at 49 > 59 > 69
- Stock Price has has been testing and retesting the Support Zone few times, taking a reversal upside from lower band at 30 price level
- The Resistance Zone needs be crossed by incremental Volumes and then needs to sustained for few days to create a fresh upside breakout momentum
- Multiple Bullish Rounding Bottoms are completed been intermingled within each other having Resistance Zone as the common neckline for all Rounding Bottoms
Dhanlaxmibank
Weekly breakout in Dhanlaxmi bankThe stock has given a weekly close above 16 (blue horizontal line) for the first time after over 20 months.
The stock is also on course to breakout above the resistance trendline (red trendline) which is over 2 years old.
The move is accompanied by decent volumes and should most likely lead to higher prices in the short to medium term
Buy Dhanlaxmi Bank with an initial target of 19-21 with a DCB stoploss of 14.8