BANK OF INDIALong
BANKINDIA - Channel Movement - Possible Reversal
The stock has been in a downtrend since June, moving in a parallel channel.
Currently the stock is touching its bottom channel support line, and is simultaneously near the long term support, and is a strong candidate for possible trend reversal.
In my opinion, it is a bounce back candidate considering many reasons apart from the ones mentioned above:
- RSI is oversold
- Bank Nifty is bullish
- PSU banks are expected to be in limelight
- Price/Book ratio is 0.5, amongst the lowest in banks
Depending on your risk profile, you can either keep a stop loss at 53, or stay invested for long term considering its valuation.
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Currently the stock is touching its bottom channel support line, and is simultaneously near the long term support, and is a strong candidate for possible trend reversal.
In my opinion, it is a bounce back candidate considering many reasons apart from the ones mentioned above:
- RSI is oversold
- Bank Nifty is bullish
- PSU banks are expected to be in limelight
- Price/Book ratio is 0.5, amongst the lowest in banks
Depending on your risk profile, you can either keep a stop loss at 53, or stay invested for long term considering its valuation.
Please follow us for more trading setups like these.
If you have any queries/suggestions related to above pattern, feel free to type below in the comment section.
Do show your love by pressing the like if you liked the idea.
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