ORIENTAL BANK (Oriental Bank of Commerce) BUY ABOVE 71ORIENTAL BANK (Oriental Bank of Commerce) BUY ABOVE 71
Orientalbank
Oriental Bank : Time to go for bottom fishingOriental Bank is trading at the lower end of upward moving channel.Daily and hourly RSI are showing positive divergence. Also, counter is trading close to 50% retracement of entire rally from 58 to 119 which is 88.40. Risk : Reward ratio looks favorable plus indicators are suggesting probability of reversal from current level. In fact, the most positive is the long term bullish trend which will remain intact till the time it is closing above 77 on daily basis (higher top higher bottom structure).Trader can buy around 90-88.50 with stop loss of 86 (hourly closing) for target 1- 98 and target 2-105.
Stock has moved the was as we predicted in our report on 12th April.
Oriental Bank Oriental bank moved out of upward moving parallel channel but couldn't sustain it for more than 2-3 sessions. Selling is advised below the low of candle (107) which moved out of the pattern first time. Target and stop loss would be 99 and 110.50 respectively. Fall could be steep once it close below 98.
ORIENTBANK: SELL Below 92.6 SL 95.05 T1:90.3 T2:87.95 T3:85.6ORIENTBANK Crashed on NSE close to 11% with Volumes more than 12 times its average and has been below Ichimoku, crossed its recent Resistance level with GAP Down opening an excellent opportunity to go short in the stock.
SELL ORIENTBANK Below 92.6 with Stop-loss of 95.05 and Target 1 at 90.3 Target 2 at 87.95 and Target 3 at 85.6
ORIENTAL BANK - Triple Top FormationThe stock has formed a doji on having a triple top formation.
Volumes in this stock has previously also failed to follow up with good rallies.
Can be looked to short below the trendline.
Descending Triangle on Oriental BankDescending Triangle on Oriental Bank. MACD on Bearish and RSI below 50.
NOTE: This chart recommendation for positional, not for an intraday.
Trade:
Short below - 118.60
Target 1 - 116.65
Target 2 - 114.50
Stop loss - 120.60
Risk : Reward => 1 : 2
Reward Points - 4.10
Risk Points - 2
Orient Bank - Decsending Triangle Breakout (Upside move ahead)It is been observed on the daily chart that the price action breaks above the descending triangle which indicates a big move to upside ahead. It shall take prices up to the next resistance levels of 121. Once it breaks above that then it may rise further up.
Target (1): 121
Target (2): 122
Stoploss: 118
OBC - Possible Breakout on cardsPossible breakout coming in Oriental Bank, once starts trading above 120-121 zone then bulls may take over and may push stock towards 128-130 & then 135-138, follow sl below trendline support.
OrientBank - Big Red CandlestickIt is been observed that the price action formed a big red candlestick without much wick on daily chart, indicating complete dominance of sellers. It shall further take the price action down to next support levels.
Target: 115
Stoploss: 128
Oriental Bank Breaks Out Big Time with High Volume Today, the price action breaks out in a big time by breaking through the resistance trendline. Buyers pressure took the prices 7% up in a day that indicates strength and bullishness. If it breaks through 127 levels which is the next resistance level then we shall see 136 levels in this month series. Momentum is up and high.
Target 1: 127
Target 2. 130 and 136
Stoploss: 113
