RBL Bank - Low Risk OpportunityCMP 235 on 28.07.24
The stock price has been traveling in a rising wedge pattern in the last months. This time, again at the lower levels of the wedge. A pink support line is to be noticed too. It has taken support on this line and bounced back 3-4 times. So it seems at multiple support this time.
In the last 2 sessions, the stock has shown some reversal signs with bigger volumes. MACD should also be considered.
If the pattern continues, we may see targets of 260/280/300 in the coming weeks.
Buy levels are between 235 and 225 in split quantity.
Please remember that if the price is sustained below the pink support line, it will bring weakness to the trade setup. One has to start thinking of an exit if trading below the pink line.
Always keep your risk management in your control. Plan some position sizing in these kinds of setups.
This illustration is only for learning and sharing purposes, not trading or investment advice in any form.
All the best.