BANK OF INDIAشراء
BANKINDIA - Channel Movement - Possible Reversal
The stock has been in a downtrend since June, moving in a parallel channel.
Currently the stock is touching its bottom channel support line, and is simultaneously near the long term support, and is a strong candidate for possible trend reversal.
In my opinion, it is a bounce back candidate considering many reasons apart from the ones mentioned above:
- RSI is oversold
- Bank Nifty is bullish
- PSU banks are expected to be in limelight
- Price/Book ratio is 0.5, amongst the lowest in banks
Depending on your risk profile, you can either keep a stop loss at 53, or stay invested for long term considering its valuation.
Please follow us for more trading setups like these.
If you have any queries/suggestions related to above pattern, feel free to type below in the comment section.
Do show your love by pressing the like if you liked the idea.
Currently the stock is touching its bottom channel support line, and is simultaneously near the long term support, and is a strong candidate for possible trend reversal.
In my opinion, it is a bounce back candidate considering many reasons apart from the ones mentioned above:
- RSI is oversold
- Bank Nifty is bullish
- PSU banks are expected to be in limelight
- Price/Book ratio is 0.5, amongst the lowest in banks
Depending on your risk profile, you can either keep a stop loss at 53, or stay invested for long term considering its valuation.
Please follow us for more trading setups like these.
If you have any queries/suggestions related to above pattern, feel free to type below in the comment section.
Do show your love by pressing the like if you liked the idea.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.