KOTAKBANK has been moving in an up channel for long, spiking up once a while. Currently retesting the lifetime highs in a cup. Awaiting a reversal or a breakout
There is a possibility of KotakBank forming a Head & shoulders pattern with "equal low" in formation and then "lower high" and "lower low" are expected which should complete H & S pattern.
It is possible because the weakness is evident in KotakBank as it looks like "big players / smart money" selling off - distribution, and retailers "Weak hands" buying. Rsi...
KOTAKBANK is in the critical support /resistance yellow zone.
Watch out for a breakout or reversal.
Sup/Res Lines are aligned with the Fib retracement levels.
The stock is showing continuous divergence and looks ready to retrace from current level. One can short the stock with small Stop Loss and keep the initial target double the risk involved.
Buying kotak bank because of price is at rsi oversold area on daily chart and strong bullish candlestick marubozu type formation with good volume,weekly chart is also at rsi support zone and target is based on Fibonacci
Stoploss - 690
Target 1 - 747.45
Target 2 - 781.31
Kotak Mahidnra Bank after breaking the up trend turned bearish but it closed on the edge of falling wedge resistance. it seems, it may breakout upward direction as it has also retraced 38% of fibo level so two combined analysis signs the potential upside movement. traders may enter long only after the breakout upside of it may further retest the support 738 before...
On hourly chart, it is been observed that the price action forms bearish Pin-Bar pattern that indicates rejection of higher prices and weakness. It also states that there is high selling pressure from sellers that shall take the price down. It is also important to note that there is a GAP on hourly chart that shall be filled during the weakness. Therefore, it will...
