AU Small Finance Bank Bullish On Weekly And Daily chart
AUBANKAU Small finance bank on weekly chart looks quite bullish. And may be a good option for short term trade.
Let’s quickly see what was happened on weekly chart.
After making a Lifetime High of 1354 we had seen rejection in prices from that level and weekly candle of 30th March 2021 closes in to the middle forming a wick, which is good sign of selling. Where one can say profit booking has been done.
But on following weeks we have seen follow through selling with strongest volume till that week and increasing price range. The profit booking now turning out to be indication of trend reversal. And candle A could be a good confirmation of selling where we had witnessed good range of the candle with wick on top followed by strong volume.
On very next candle of the candle A (Marked With B) we see gap down opening for that week, in such scenario any one could have went short with no doubt in mind. But lets see what happened on that week ( Candle B\3rd May 2021).
Candle B do show gap down on that week but we did not see any movement for selling all through week, result of which we see narrow range candle closing off the low and near to its mid-point. This candle also carries solid volume too (highest in the range of chart we are seeing). Such kind of price and volume appears on chart only if both Sellers and Buyers strongly active.
We did not see further follow through selling after candle B, rather we are now seeing prices moving up again and with some good efforts to push prices further up (Check Candle C and D ). So technically its now looks like sellers had been trapped in Candle A and B.
One can go long straight away or wait for a breakout to the 1170. There are some chances where we can see the test of level 910 if we see rejection from 1170.
||Hari Om||
||Ambadnya||
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