RBL
An alternative view on RBL If one more los is possible then this is a valid pattern else we skip this and move on to next bullish chart.
If consolidation continues furthermore then it may lead to triangle formation. If the previous high was broken then the Triangle get fail and it may complete flat pattern and one more low pending.
Simple Trade Setup| RBLBANK | 02-09-2021 [POSITIONAL & INTRADAY]NSE:RBLBANK
Observations:
1) On 1 HOUR time frame it has breakout 164 level and then it has tested if for support and it got support from 164 and gave good upmove.
Please refer below chart : 1 hr time frame.
2) On Daily Time frame you can see that it has now reverse from the critical support range and made bullish candle today by taking support from 164 level.
And it closed just below 21DMA.
Please refer below chart : Daily time frame.
-------------------------------------
For POSITIONAL trade one can take long position from CMP or above 171.40 and Aim for target of 207/215 with Stop loss of 155. I am expecting this target will be achieved in this month only.
Please refer below chart : Daily time frame.
-------------------------------------
Trade Setup for Date 02-09-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level tomorrow.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
My personal view is bullish on RBLBANK.
#92 RBL BANK SWING ANALYSIS#92 (GENIE IDEAS): I will daily post intraday/swing/positional trading opportunities so u can analyse and get the most from it. if you like my analysis do like and follow me as a token of appreciation. And if you have any queries let me know.
Leave a comment that is helpful or encouraging.
RBL Bank - Triangle breakout + Volume expansionKey Highlights:
1. Bullish market structure
2. Trendline breakout
3. Triangle breakout
4. Volume expansion
5. Accumulate till 215
6. Target: 233, 249, 265
7. Stop loss: 210
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.