RBL Bank has been fell hard, since the change of CEO, correcting about 90% from the all time highs.
According to me, there can be 2 main reasons:-
1. The Market is wondering if the CEO is a idle choice. RBL Bank is a private sector bank, and CEO came from a Public Sector bank.
2. The market is also thinking if this could be next Yes Bank . But, this is a...
RBLBANK - Cup with Handle on Break out on Daily charts
Good RR - 1:2:4
Follow strict Stop loss
Also this recommendation/presentation and all future ones are & will be only for learning purpose.
Please consult your financial advisor before investing.
Stock Name - RBL Bank Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 125.
#This is not Buy and Sell recommendation to any one. This is for education...
We are currently in minor wave iii of wave C of wave Y, fall from 274 has become a complex correction, possibly a triple zigzag pattern, if wave Y is going to be equal to wave W then we can see 81.75, 58.85 and 40 levels too.
Overall wave counts on weekly chart
macd in monthly turned negative
macd in weekly negative
macd in daily also in negative
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Given the current Impulsive progression to the downside, RBL Bank looks all set to make a move lower than 111 level as what looks to be Wave 5 in the progression.
Further on the move seems to be having support from the Indices which are themselves showing weakness.
1. Bearish on All Time Frames.
2. Rounding Top on Monthly Time Frame. Stock looks all set to retest the Covid Low of 105.
3. 117-105 levels will also act as major support and can be good buying opportunity if 105 is saved on Monthly Closing Basis to again reclaim 175/225+ levels.
4. Monthly Closing below 105 will lead stock to Two Digits and new All Time...