STOCK : RBL BANK LTD.
CMP : 174.25 (28/06/2023)
ABOUT : RBL Bank Ltd., formerly known as Ratnakar Bank Limited, is a scheduled commercial bank in India. It was founded in 1943 and is headquartered in Mumbai, Maharashtra. RBL Bank offers a wide range of banking products and services to individuals, businesses, and corporates.
TECHNICAL ANALYSIS CANDLESTICK CHART VIEW(WEEKLY TIME FRAME)
(CLICK ON ABOVE IMAGE FOR CANDLE STICK CHART VIEW)
OBSERVATION :
The stock has been into a consolidation in the form of CUP AND HANDLE pattern on a weekly time frame. Once the stock gets break out of its pattern and weekly candle closes above 180 further we may see up side rally. As per pattern ,it usually covers distance equal to the height of the cup, So expecting the stock to show (15-20%) up side momentum. Good to add this stock in your portfolio for swing trading(2-3weeks).
How does CUP AND HANDLE pattern works? (click here)
You may add this stock to your watchlist to understand further price action.
Note : It's important to note that the is just one of many chart patterns used in technical analysis, and traders should always use multiple indicators and techniques to confirm their analysis before making trading decisions
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation to buy or sell. Please consult your financial advisor before taking any financial decision.
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