BANDHANBNKBandhan Bank Breakout On Weekly Chart.
Bandhan Bank had given a good breakout to its important support become resistance level of 402.
Lets we go through candle by candle from the week of 7th December 2020 where we had seen a breakout of 402 for the first time.
Definitely on week of 7th December 2020 we had clearly see the decent breakout to the level of 402 with well enough volume to it one can easily get in at that time with no doubt in mind of reversal just because of uncertainty of market up move (mostly in the mind of retail traders).
On a week of 14th December 2020 though we see the bearish candle which also not manage to penetrate the high of its previous candle one can say it’s a good sign of selling and assume that the breakout we had seen on a 7th December 2020 Candle likely to be falls breakout and this may have been confirmed on day chart and starting of a week of 21st December 2020 where we were seeing good selling in Bandhan Bank.
At a beginning of a week starting from 21st December 2020 we were seeing good selling in Bandhan Bank but as there is good strength in the background of Bandhan Bank those lower price found no follow through to it and demand started to coming in, and as a result of that we are seeing a hammer candle with good long tail which again indicates the that bulls are still have a strong hold in here. But what happened in a very next week.
Interestingly in a week of 28th December 2020 we had seen a good rejection for higher prices despite of the strong indication of bullish sign in a previous week we had talk earlier (week of 21st December 2020). And after seeing such scenario one can definitely consider Bandhan Bank as Bearish stock but wait let’s see what happens next, I mean in a last week (4th January 2021).
In we a of 4th January 2020 we have seen good bullish candle again with decent volume to it similar to what we had seen on 7th of December 2020 (mentioned at the beginning of this post) which is very strong confirmation of breakout to the level of 402 in Bandhan Bank.
If I go long in Bandhan Bank I will consider holding it for at least 1-3 months and follow Fib Extensions ploted on a chart for my targets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.