Skip it if you have Bank India or Union Bank Short. As they are not falling. It is evident that they are moving strong. So if one hit SL, all will hit SL being synthetic.
My bet is - It will make a triple top and fall.
I am shorting as it is following my rules. I don't care hitting stop losses.
Lately, the PSU bank stocks have been struggling to go up and have shed some of their gains in from the previous months, and have been consolidating.
Oriental bank has been struggling to break the overhead resistance at 91-92 ad has formed a triple test. An ideal place to take long positions would be around 92-92.5 after a convincing break of the overhead ...
The resistance and support zones are in the chart. Just like bank of baroda this one is forming a symmetrical triangle on both higher and lower time frames. A breakout with good volume could start a rally for good returns. If we dont open above the immediate resistance, place your buys in the support zone.
Break Out With Volume.
One Year Down Trend Line Break Out.
EMA may act as support.
May be a Stock of September Series.
Trial SL Once in Profit.
Other Details Mentioned In Chart.
Positional View For Eductional Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
After being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks.
I can see that Oriental Bank of Commerce NSE:ORIENTBANK has formed a Double Bottom around 71 levels with a positive RSI divergence.
Looks like the stock is slowly moving towards the first target of 86.75 .
Good opportunity for option writers here ...