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A good setup for a possible buy trade is developing in DenaBank..
My analysis is purely on the basis of Wave analysis, Patterns and Fibs..
Will update as it unfolds..
Possibility of accumulation since 3 months. Can be bought around 18.10 - 18.20 and sell at 19 for intra day with a stop loss of 17.90.
Risky trade because possibility of formation of bearish flag. If it breaks 18, can see lower levels.
You tell me...
My Disclaimer -
I am neither professional nor a registered analyst with SEBI or any other body, I read price and time charts for my own study and may or may not take any position on any of them.
If I share my study with you, it is purely for Study purpose, and any Profit/ Losses arising out of anyone taking any position shall be at their sole ...
DENA Bank is re-testing 8 year lows again after two years. Its been in a down trend since 7 years. Awaiting a breakdown or up on account of Result
overall trend bearish
Kumo is twisting from bullish to bearish
kumo flux may give breakout ( low possibility)
Chikou is penguin
( self Learning only)
Guidance is always appreciated
Dena bank has been trading in the range of 30.33 to 32 for more than a month now and tried to break out of the 32 range with volume recently. There is a strong support at 30.33 and it looks like Symmetric triangle is in formation.
One can go long on confirmation of the break out above 33.20
Target 1 - 37.70
Target 2 - 42.30
1. Candle - Bullish Engulfing
2. Support and Resistance - Price close to Support
3. Volume - Volume above 20 days MA
4. DOW Theory - Price within the Trading Range
5. Indicators -
RSI - above 50
6. Risk ratio greater than 1.5
Share has formed Bullish Engulfing Pattern (Shown in blue box) with a very good volume (Shown in black box). Relative Strength Index has also started moving in upward direction which is shown by black arrow in RSI graph. EMA 12 DAYS is also moving toward EMA 26 DAYS and trying to converge with it. All these things indicate upcoming uptrend. Share will cross 34.
Dena Bank is showing bullish divergence with respect to money flow index. Also the price is in a tight range since August. It may break from the range soon. Can it be a breakout? Please share your thoughts.
I am looking the stock tried to make down trend impulsive but are getting weaker and weaker , and every down trend correction is also very weak
I am expecting the stock to head towards long term lower level and brake it then turn around , that will confirm me that the further up side will be strong impulsive move , any move to up side before tag the lower level ...
Breakout at CMP with Trend line and Triangular patter indicates potential upside upto 53 with strict SL of 38. (Time Horizon: 1-2 months)
it looks like a reverse H & S as of now, two dimensional approach(price and volume)is also in favor(volume is good),will see how much it can extent upside ....
There is a buy setup going above 40 & look out for possible resistance from the falling trendline.