Price is trading in descending triangle pattern on weekly chartLong trade can be executed after a successful breakout on the weekly chart if looking for long-term investment.
BANDHANBNK trade ideas
BANDHAN BANKcan anyone confirm is it's a correct trendline drawn? well according to what I've drawn, It's a trendline breakout and expecting 46% TARGET. refer chart for entry exit Sl levels.
Cup and Handle Pattern in BANDHANBNKCup and Handle breakout along with trendline resistance breakout seen in NSE:BANDHANBNK .
Orderflow suggesting Buyer aggression. 300 price level can be seen immediately.
LongLooking gud above 280
If 288 level broke
T1- 302
After two big green candle it's in consolidation phase very soon it will jump to 302
Sl -177
At least two week for the target
On daily chart it's above 20ema support
Monday going to give a gud move
Closing above 288 will take this to 300
How to draw in Support and Resistance - Education1. What is support and resistance?
Support - Area on your chart with potential buying pressure
Support - Area on your chart with potential buying pressure
Most of the text books says the more times support and resistance is tested, it become stronger.
But the truth is the more time it tested it becomes weaker. ( Refer the Image).
2. Support and Resistance is not Line in Chart:
Most of think support and resistance is line in the chart, where they face 2 problems,
a. Price undershoot and you miss the trade or
b. Price overshoot and assume Resistance is broken
it's become false breakout.
How to address this problem?
Simple, Treat support and resistance as area on your chart not lines.
Why S&R are area on your chart?
Because of 2 groups of traders
i Traders with fears of missing
ii Traders who want to get possible price
I will explain in detail:
traders with fear of missing out would enter their trades the moment price comes close to support and if there's enough buying pressure the market reverse at the location
on other way, there are traders who want to get best possible price so they place orders at the low of support and if enough traders do it the market will reverse near the lows of support.
But one thing for sure:
We have no idea which group of traders will be in control, whether its FOMO or Cheapo traders.
Hence, S&R are areas on our chart not lines.
3. Dynamic Support and Resistance:
What we have seen before are Horizontal S&R ( Where the areas are fixed).
Now we are going to see Dynamic S&R
There are 2 ways to identify Dynamic S&R
A. Moving Average
B. Trendline
How to use Moving Average as Dynamic S&R
I here use EMA50 and EMA79 to identify my dynamic SR.
But any moving average you can use. (Either SMA, WMA, DMA any number too. Do not blindly follow others)
Trendline:
Trendlines are diagonal lines on chart to identify the dynamic S&R
Notes: Treat S&R as areas on your chart not lines.
This is how we can draw a support and resistance . From now we can understand how to draw a support and resistance.
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BANDHANBANK swing trade idea#BANDHANBANK Swing trade bet is visible here. Recommended buying range will be 312-315 with SL below 299 for the targets of 325, 338and 346 #swing #positional
Simple Approach is best Method for Financial assets I tried to explain having simple approach one can achieve Mastering any method in their life
Hope this video will give you some Meaningful explanation
Good luck
Bandhan Bank Trading in a Falling Wedge Pattern.Bandhan Bank Trading in a Falling Wedge Pattern.
Since the inception of this scrip, it has traded/followed the falling wedge pattern. There isn't any incentive to go long until there is a decisive breakout out of this falling wedge pattern. Decisive breakout means breakout out of the channel on upper side (for long), and then another candle confirming breakout on a weekly time frame. Also, you can see it has taken support and rejection from the dotted trendline drawn inside the wedge. If the breakout happens this week followed by a confirmation candle next week, go long. Immediate targets (remember its a weekly time frame) should be 365, 430, and 537.
I do see it breaking out very soon as lot of other indicators are in favor of breakout. But we never trade perceptions or predictions or for that matter opinion, we trade when price action tells us to.
Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision.
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Comments and Criticism are welcome.
Simple doji with confirmation supported by good volume | SwingRSI curve, volume and pattern confirmation shows a good signal to long.
SL1 - 275
target - 307
Bandhan Bank Long at CMP 276/- with SL of just 258/- Bandhan Bank looks too attractive at CMP 276/- for much higher rewards with smaller SL of just 18 points.
Hope this time Bandhan Bank works in favor :D
Hold in Bandhan BankThi scrip had formed a channel pattern after the breakdown from a wedge pattern. Now this scrip is trading at the support of the channel pattern and it has also formed hammer near the support.
As the all above gives this scrip a buy signal. If you take a look at the scrip's major trend it was in downtrend since its debut . This scrip is also trading below the monthly CPR support and it trading well below 21EMA and these give this scrip a hold signal.
Swing traders should be cautious in this scrip before taking any position. It is advised not to go long in this scrip as it would be like catching a falling knife , also there's not much sell signals to sell this scrip.
One may consider to sell this scrip if it broke down the channel pattern
Bandhan BankBandhan Bank has been moving in a channel and right now it has 2 important supports one channel support and a horizontal zone. It can be a good entry with a super risk-reward for the short to mind term.
[ INTRADAY ] BANDHANBK SHORT BETrisk: Reward ratio is 1: 2
Rest as per Charts
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Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells “where” to act in “what direction. Unless it triggers, like, let’s say the candle doesn’t break the level which says “Buy/Sell if it breaks”, You should not buy/sell at all.
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I use shorthands for my trades.
“Positional” - means You can carry these positions and I do not see sharp volatility ahead.
“Intraday” -means You must close this position at any cost by the end of the day.
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Always follow a stop loss.
In the case of Intraday trades, it is mostly the “Low/High of the Candle”.
In the case of Positional trades, it is mostly the previous swings
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Bandhan Bank Target 112 ? I was going through weekly chart of all fno stocks. Just finished A and started with B. Of course, Bandhan Bank flashed.
So, while Daily chart was not so convincing at a pattern, there is a clean head and shoulder pattern identified.
When the share came it made a large HNS pattern then then if you see I have marked the fall. Now Bandhan Bank is looking like ready for a major fall. Fundamentally, Gross NPA is at almost 8.2% as of June 2021. Promoter holding has gone down quite significantly from 83% in Sep 2018 to almost 40% in June 2021.
One can place a reminder to buy large quantities of this share once share goes below 150 - 125 level.
*I am a newbie trader with only 2 years of stock market knowledge. Please trade / invest your money in stock market on advice of a registered stock market advisor. This is only for educational purposes.
Bandhan Bank - Key support levelOnce among the highest valued banks in the country but its valuations have fallen sharply.
The stock has formed sort of an inverse C&H and any breakdown here could move the stock down a further 10-20% with relative ease.
There are 2 ways this rate works out..If there is a bounce we go long above 280 with a SL below 275.
But if the inverse C&H plays out then short below 275 with a SL above 280 for an initial target of close to 250.
As its on a key support its difficult to say which way it will move so keeping both options open is a better suggestion.
whichever way it moves the trade can be kept ready.
