Oriental bank moved out of upward moving parallel channel but couldn't sustain it for more than 2-3 sessions. Selling is advised below the low of candle (107) which moved out of the pattern first time. Target and stop loss would be 99 and 110.50 respectively. Fall could be steep once it close below 98.
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.