PSUBANK: Elliott Wave Analysis and Technical BreakoutTechnical Analysis: PSUBANK Index
Elliott Wave Analysis
The chart reveals a potential Elliott Wave structure within the PSUBANK Index. We're currently observing a bullish development within wave 5. This bullish impulse is supported by a clear upward trendline breakout.
Key Points:
Resistance Trendline Breakout: The index has decisively broken above the resistance trendline, suggesting a potential reversal of the previous downtrend.
Bullish Divergence: The presence of a bullish divergence between price and momentum indicators, often signals a potential trend reversal. This divergence adds credence to the bullish outlook.
Wave Structure: The current structure aligns with an impulsive wave pattern, where wave 5 is typically the dynamic move after corrective 4th Elliott Wave sequence.
Potential Scenario
Based on this analysis, we can anticipate a continuation of the bullish trend, potentially leading to the development of wave 5. This could drive the index higher, with the upside potential potentially reaching the 8000-8200 zone.
Trading Implications:
Bullish Bias: Maintain a bullish bias for the PSUBANK Index, given the strong technical signals and potential for further upside.
Entry Points: Consider entering long positions on pullbacks (if any).
Stop-Loss: Place a stop-loss below the 6185 level, which would invalidate the bullish scenario.
Risk Management: Implement proper risk management techniques, such as using stop-loss orders and position sizing, to protect your capital.
This analysis is based on Elliott Wave Theory and technical analysis, which involves multiple possibilities and interpretations. The information provided is for educational purposes only and should not be considered as financial advice. It's crucial to conduct your own research and consult with a financial advisor before making any investment decisions. There is always a risk of being wrong, and users are advised not to trade or invest solely based on this analysis.
Remember: Elliott Wave analysis is a complex tool that requires practice and experience. It's essential to approach it with caution and always consider the potential risks involved in trading.
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RK
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The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Psubankindex
PSU Bank Index -- Will it complete the flag pattern and Double ?CNX Bank Index is creating a flag and its at the bottom on the flag pattern, with RSI at 36. It also shows hidden bullish divergence on the daily chart!!
6670 is the base of the flag and it can achieve 11500-12300 levels once it 7600 levels.
Its a 2 years positional trade.
UNION BANK OF INDIAHello & welcome to this analysis
Bank stock currently consolidating near a support in short term appears wobbly.
Below 125 it could slip down to 110-90 where it could once again see smart money buying it.
Resistance for now between 145-155, only above that in my opinion it would see any upside momentum
Overall medium to long term outlook appears very bullish, dips would be an opportunity to add.
Happy Investing
PSUBNKBEES | Investment OpportunityDisclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
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Nifty PSU bank 2X,3X,4X... in Few Years.🚀🚀watch nifty psu bank stocks in next few years.
Watchlist
-Bank of Baroda
-Bank of India
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-Canara Bank
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Warning:-Please note that I'm not a financial advisor, and investing in the stock market involves risks. It's important to do thorough research or consult with a financial professional before making any investment decisions.
BANK OF BARODABANK OF BARODA has formed a rounding bottom pattern and looks good for a long above 188-190 levels (weekly candle breakout retest needed) with around 5-6% of stop loss ,for targets of 207 and towards all time highs of 228 levels , a breakout above all time highs will take the stock higher very quickly where sky is open
CNX PSU BANK index chart studyCNX PSU BANK index spot cmp 3945
Chart pattern study
Daily time frame.
Ascending inclined head and shoulder pattern formation.
Currently formation of right shoulder is ongoing ,
any rise on higher side would face selling pressure till the high point of right shoulder is not taken out on daily closing basis.
On lower side nearest support can be taken as the support of neckline.
Further trend can be decided on price action around neckline levels.
Keep watch.
CNX PSU BANK INDEX chart studyCNX PSU BANK index spot CMP 3930
Elliot wave study
Time frame :- Daily
Index is trading in corrective phase of elliot wave.
Formation of wave B is completed and current sell off in index have started to unfold wave C of corrective phase.
Any rise in index should be used to exit any long position, till the recent high is not taken out on closing basis.
On lower side index might still retrace around 400-600-900 points on lower side.
According to this, psu bank might face selling pressure in coming time. at the moment most of the banks are trading around the high levels, it time for bulls to be cautious, till index does not cross above the recent peak.
More studies of chart pattern and harmonic will be added to this index in next study.
Keep watch,
Bullish breakout in NSE PSUBANK Index on weekly chartNSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22.
The index broke out from this consolidation in Aug, gave a retracement back to the consolidation zone and has now finally broken out of this zone. We are bullish on the NSE PSUBANK index in the coming months with immediate target of 3400 followed by 4000-4200 as a major resistance zone as shown in the chart. Stop loss below Sep'22 low of 2856.
PSU banks on a recovery path?Weekly NSE:CNXPSUBANK making higher highs and higher lows since May'20 and weekly RSI has established itself in a bullish range of 50-70. This sector may be in a turnaround mode. One should look at the stocks making new 52-week highs in this sector for investment. Their future looks bright to me. This is not an investment advice by the way, do your own research before investing.