Wedge pattern Breakout in RBL BANK (Monthly Chart)

RBL Bank reached an ATH of 716.4 in May'19 and corrected approximately 90% to reach 74.15 in the month of June 2022. It then took support at lower trend line of the wedge and rose by 255% in 7 months i.e. till Jan'23. Since then the price has been hovering near the upper trend line (resistance) of the wedge.

Risky Traders Entry: Only above 176 (daily closing price)

Safe Traders Entry: above 180 (June month closing)

Stop Loss: 172.5 (daily closing basis)

Fundamentals:

1. Qtr Revenue grew 20% YoY and Qtr Net Profit grew 37% YoY.
   
2. declared Positive results for the last 7 consecutive quarters.
   
3. Highest ever revenue of Rs.3170 Cr and Highest ever profit of Rs.271 Cr.
   
4. Lowest NPA and Highest Credit to Deposit Ratio.
   

Commento:

Breakout confirmed!! Now one can make entry for the assigned targets

Commento:

Target 1 achieved on 15th Dec'23 !!