Oriental Bank is trading at the lower end of upward moving channel.Daily and hourly RSI are showing positive divergence. Also, counter is trading close to 50% retracement of entire rally from 58 to 119 which is 88.40. Risk : Reward ratio looks favorable plus indicators are suggesting probability of reversal from current level. In fact, the most positive is the...
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.