BANKBARODA trade ideas
TRADE SETUP : Bank of Baroda TRADE SETUP
After a double bottom breakout stock moved sideways and On Sept 29th stock retook from its 100-DMA with higher volume. RSI, MACD and ADX suggest positive strength in this counter.
BUY ZONE
81.00 - 82.50
STOP LOSS
Stop-loss is currently set at 76.50.
GOAL / Target : 1st 85.15 ( Short Term ) for Long Term ( 100 )
Our aim is to take ~16%
EARNINGS DUE DATE
Nov 26, 2021 Estimated
BANK OF BARODAHello and a warm welcome to this analysis
Triangles are a prominent feature in wave 4 (Elliott Wave Theory). Price remains within a narrow range with lower volume for a very long stretched time as the preceeding Wave 3 has had a tremendous run resulting in cooling down in trend for sometime.
In this weekly time frame a triangle in wave 4 is coming to an end. Post that stock could resume its rally towards 110-120. View would negate below 70
Bank of Baroda (for swing trading)Daily Time Frame: Symmetric triangle breakout and retest with good volumes
Resistance Zone : 86.5-88.5
Support Zone: 81.1-82.3
Upside Target: 99.8
Downside Target:73.05,61.65,47.9
Requirements to enter for upside target : 1. 15 mins strong candle like Marubozu candle closing above 88.5
2. Volumes greater than 50VolumeMA
3. RSI above 60
And just vice versa for downside targets
BK OF BARODA : Breakout trade setupBK OF BARODA :
Pattern is clear and we all understand trade setup.
Wait for entry to breakout on either side.
Currently below 50 EMA and taking support on 100 EMA. 77-78 is immediate support line, breaking this and below trend line - will bring back to 68 and then 61 levels before any bounce.
Please spend time on own research before investing.