BANKBARODA trade ideas
BANK OF BARODABUY BANK OF BARODA CMP 83.85
1st Target 95
2nd Target 105-111
Stoploss 75.7
Trend Analysis:
Bank of Baroda has broken a 5 year old falling channel which started from early 2016. Healthy rising volumes are also supporting this move.
Moving Average Analysis:
10EMA crossed the 20 and 50EMAs on the daily chart
Bank of Baroda set for a Huge Uptrend. Long Swing tradeLeading banking stocks are moving higher breaking out from falling channel.
Similar breakout happened in Bank of Baroda which has given a successful breakout from its multi-year falling channel, retested it and continuing its upward move very smoothly. Also we can see a Flag & Pole pattern formation at the bottom of the downtrend indicating a near term target at 110-116 from CMP. RSI is also in a good upward momentum. Upmove comes with huge volumes.
High conviction trade.
You can also spot Cup & Handle pattern forming with a neckline zone of 87-93.
Happy trading!
Bank Of Baroda - Looks bullishNSE:BANKBARODA Bank Of Baroda - Looks bullish as it is forming a kind of Cup with Handle pattern. The pattern is yet to form but volume spurts are building some confidence and biasness for it.
My setup would be like -
Entry - CMP (77.5)
SL - 69~ (10% approx)
Target - 15-20% approx.
Timeframe - 3-4 months max.
Note:
Please note, I am not a SEBI registered and this study is not a TIPS. Please consult your financial advisor before actual trading.