RBL BANK Weekly Chart Overview
RBL Bank will be LONG run if its closing above @244.00 and sustain in weekly chart timeframe.
:: Data Point ::
Breakout Level: @244.00
Target 1: @268.00
Target 2: @326.00
Note: -Price traded above 200 EMA.
-Ascending Triangle Pattern created.
Here we had shared possible Elliott wave counts of RBLBANK, which is suggesting Bullish bias ahead, and chart itself says everything, some significant snapshots are shared below, you can go throughout.
Elliott wave counts on chart
Breakout with good intensity of volumes on daily chart
MACD positive crossover in daily chart
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 175
#This is not Buy and Sell recommendation to any one. This is for education...
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...
1) On daily time frame it has come to the critical zone. From it may reverse or on breakdown of it, it will go down. But my personal view is that it will give revesal.
Please refer Chart below: daily time frame.
Trade Setup for Date 23-08-2021:
1) Don't Jump in to trade at the beginning...
hold for long .. because I feel volume is decreasing from last 1 month . and max volume candles are in red . Now its time to RBL bank bounce backEven Double top pattern indicates bearish signal. I am long in RBL for long term
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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...