First pattern of Bearish shark completed nicely and now a Bullish Gartley seems to be in the works.
Rechecking the chart shows following observations
SORRY FOR THE TOO MANY CRISSCROSSING OF LINES AND PATTERNS ETC...
1. A bullish Gartley seems to be coming up. Point D looks to be a good reversal point.Also co-inciding roughly with a Fibo level...
BEARISH SHARK and CYPHER pattern formations.
Fibo levels plotted with Support and Resistances ... Point D of Cypher is coinciding with SR and Fibo level indicating more prominence.
If price crosses 200.5 then upside move highly possible till point D..
17 july 2019 is result date for dccbabank
And that day it closed at 199.95
After result day it was very range bound and made 3 doji's in this range
With good volumes
So I expect a upmove above 200
And add as a buffer i added 50p
so the level comes out to be 200.50
and main problem is Bank Nifty and
if Bank Nifty declines further,
it will drag DCB Bank more...
If I understand price correctly this could be continuation of down fall anything below 186 looks extremely week and shorts can be triggered for targets of 172 or down. Buying can be only initiated once price close above 197 comfortably on 15 mins.
Finally some time back DCB bank gave a breakout at 214 now trading at 239 also its life time high.
The business has been growing at 15-20% per year.
The 200 DMA of the stock was at 146 when it took the support.
In my opinion the stock should move another 40-45Rs from here before facing some correction.
Disclaimer:I am NOT SEBI registered, Just trying to learn to predict share price movement. THE CHARTS PRODUCED HERE ARE FOR MY PERSONAL REFERENCE ONLY AND THEY ARE NOT ANY BUY OR SELL RECOMMENDATIONS. Kindly consult your investment advisor and family members before investing.