The highs made in Feb 2021 and Jun 2021 were broken. They formed a strong supply zone, which was broken and has been tested successfully with today's bounce.
Tomorrow being an expiry day, we couldn't see much action or may see consolidation but a rally could be expected in the second half-session tomorrow and may continue on Friday too.
We shall try to analyze...
I must admit, its been a while since I have stumbled upon a chart so simple yet so valuable.
Simple falling channel , with one of the bottoming out patterns, (book-ish) Inverted Head & Shoulder .
Volume Indicates, I am late to spot this...but not too late as the pattern is just on verge of completion.
Should be a slightly MID-LONG term 'investment' kind of...
PSU-Bank Index shows an nice upward trend. Target of 50-70% can be achieved. Index recently trailing above its 200 SMA. More-over it also forming cup and handle formation. Area around 2654-2467 is acting as a strong supply zone.
The index is forming an Inverted Head and Shoulder Pattern.
Just broke out of the Downward Channel resistance this week.
In about 2-3 years the index should reach its target of 4340 but before that happens its intermediate targets will be met.
Between 2660 and 3360 there could be some consolidation going forward.
Immediate short term - MACD crossover should...
Buy 40% Canara Bank At Cmp 157.2
Add 60% If Price Drops To 132-135
Strict SL - 122 (WCB)
Target - 290+++
Highest Ever Monthly Volumes Of 18 Years. Something Big Is Going To Happen In PSU Banking. Watchout.
This an ETF which is linked with PSU Banks, If you wish to benefit the current PSU Banks Rally and want to ride the wave. This is a perfect trade. You can Swing / Short Term / Long Term on this trade. We will navigate you through the trailing SLs and Targets.
BONUS DAILY SWING CALL // Wednesday 17th of February 2021 / NSE:PSUBNKBEES ...
*Inverted Head & Shoulder Pattern breakout in Relative strength of PSU Bank Index. That's show strength that PSU index may outperform the Nifty.
* Started tracking PSU Bank stocks at this time.
Kindly Let me know if you have any question
THIS HOURLY CHART PANEL SHOWS CRUCIAL POINTS
THIS MEANS THAT THE INDEX HAS ACTUALLY TRADING IN A
RANGE WHICH IS VISIBLE IN STOCKS LIKE:-
IF YOU WATCH INDIVIDUAL CHARTS MKT MOVES FROM BOTTOM TO TOP AND SO FOURTH BUT CREATING GRADUALLY(HIGHER HIGH AND HIGHER LOWS)
TRENDLINE BREAK WILL TEST 3190-50
UPSIDE THERE IS CHANCE OF TEST 3350