pennant pattern bank niftybank nifty taking support from lower levels
plan your trade accordingly for intraday
wait for pennant breakout for clear trend
Pennat
Long BPCLHigher Low formation
price sustained above downtrend trendline
Pennant pattern breakout with huge volume
RSI Divergence on 4 hours chart
Buy above 365
Target 400/430
SL 335
AXIS BANK LONGExpecting a long breakout on Axis Bank.
Financials have been muted last week, trading in a narrow range, with low volume. The breakout may test the post-covid highs at 481.
STRATEGY:
BULLISH PENNANT FORMATION:
The breakout can be confirmed by the price sustaining above the top trend line.
BUY: CMP
SL: 418
T1: 465
T2: 485
The horizon is upto 2 weeks, but the stop loss is very narrow as the strategy may fail if the breakout is not sustained.
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