Dena Bank – Long-term bullish trend reversal
The monthly chart shows a bullish breakout from the falling wedge/triangle/falling trend line.
April’s close was also above the key technical resistance of 43.90.
The RSI has breached the falling trendline. The MACD is gathering steam, while the accumulation/distribution has bottomed out, suggesting the sellers have run out of steam.
The RSI is overbought on the daily and weekly time frame; hence a short –term pull back or a bout of sideways action cannot be ruled out. On a long term basis, the stock price is expected to test 75.00 – 95.00 levels.
Only a break below 30.00 would signal bullish invalidation.
April’s close was also above the key technical resistance of 43.90.
The RSI has breached the falling trendline. The MACD is gathering steam, while the accumulation/distribution has bottomed out, suggesting the sellers have run out of steam.
The RSI is overbought on the daily and weekly time frame; hence a short –term pull back or a bout of sideways action cannot be ruled out. On a long term basis, the stock price is expected to test 75.00 – 95.00 levels.
Only a break below 30.00 would signal bullish invalidation.
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