ORIENTBANK: SELL Below 92.6 SL 95.05 T1:90.3 T2:87.95 T3:85.6ORIENTBANK Crashed on NSE close to 11% with Volumes more than 12 times its average and has been below Ichimoku, crossed its recent Resistance level with GAP Down opening an excellent opportunity to go short in the stock.
SELL ORIENTBANK Below 92.6 with Stop-loss of 95.05 and Target 1 at 90.3 Target 2 at 87.95 and Target 3 at 85.6
Shortsell
Head and Shoulders SetupAggressive traders can enter now (Monday) at around Rs. 20 as the price is re-testing the Neckline . It's also the .382 Fibonacci Retracement of the Right Shoulder .
More conservative traders can look to sell around Rs. 21 to get the best price as it is the .618 Fibonacci Retracement of the Right Shoulder . You also get a better Risk : Reward by entering late but you may or may not get the trade.
The Stops go above Rs. 26 which is the Right Shoulder backed by strong historic structure.
The 1st Target 's Risk to Reward is little better than 1:1 at around Rs. 15 , which is the re-test of the lows of the Right Shoulder .
The 2nd Target is around Rs. 9 .
Do let me know what you think. Good luck!
Sincerely,
Dpk.Htkr
BANK OF 'INDIA' LOOKING DOWN AT 'SRILANKA'Medium and short degree counts suggest some downside for bank of india.
Longer degree counts might disagree.
Never the less, it can be looked at for shorting opportunities in short term till the latest daily chart swing high is protected.
