Oriental 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...
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 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
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
It 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.
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...