Allahabad Bank is on a solid uptrend with higher high and higher low and recently it has pulled back near a key moving average ( 20 Sma ) and formed a Doji after a smooth drop . Today price broke out of the doji creating a buying opportunity.
So one can buy at 71.70 with a Stop loss at 69.45
Allahabad Bank has been retracing after falling to 61% fibo level and breaking the levels its approaching the 38% fibo level,There may be buying setup after the breakout of resistance 70,buy above 70 is suggested else short with target of 63.
Allahabad Bank has been trading in down trend in a channel respecting support and resistance today it closed on bullish sign and may see upside but limited up to 69 as channel resistance, we may see further reversal from 69 level to channel support around 64 in near term. traders may enter short at 69.00 with a target of 64.00
Well, time only can let us know whether 71-73 zone could hold the fall in ALBK. So, we can look for this zone where downtrend in ALBK could stop.
"If ALBK stops in that zone & bounce is what will make me happy"- Do, you think this statement is correct- I think it isn't because emotions is what one has to keep in check -which is an important lesson -a trader...