Bank of India : After Bullish Bat, Bullish Flag ! Bullish flag breakout thats what we have in BankIndia (Bank of India). When we look at the chart it looks like early breakout and easily it cud have moved within flag zone for few more days. Just above the flag prev resistance zone 113's-120's but breakout patterns carry huge momentum with them but Nifty doesn't make newer highs which makes us think whats gonna happen in this zone. So if this bullish momentum is retained, we will have one swift move across the zone 120 or be prepared for ranging in BankIndia which is rare scenario after flag breakout.Actually I think we discussed the bat days before its completion and its move up. (check related ideas)
Instead of exiting @ target 2 of bullish bat, by trailing stop we cud have gained more points. But its not that easy work bcos, take a look at chart again the move is don't have any valid retracement, its just up..up..up n away from 80's. These are rare flying moves, now with flag breakout lets aim for newer highs ( Shortterm 1-2 months)
Happy Independence Day !
