Bandhan Bank Trading in a Falling Wedge Pattern.
Bandhan Bank Trading in a Falling Wedge Pattern.
Since the inception of this scrip, it has traded/followed the falling wedge pattern. There isn't any incentive to go long until there is a decisive breakout out of this falling wedge pattern. Decisive breakout means breakout out of the channel on upper side (for long), and then another candle confirming breakout on a weekly time frame. Also, you can see it has taken support and rejection from the dotted trendline drawn inside the wedge. If the breakout happens this week followed by a confirmation candle next week, go long. Immediate targets (remember its a weekly time frame) should be 365, 430, and 537.
I do see it breaking out very soon as lot of other indicators are in favor of breakout. But we never trade perceptions or predictions or for that matter opinion, we trade when price action tells us to.
Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision.
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Comments and Criticism are welcome.
Since the inception of this scrip, it has traded/followed the falling wedge pattern. There isn't any incentive to go long until there is a decisive breakout out of this falling wedge pattern. Decisive breakout means breakout out of the channel on upper side (for long), and then another candle confirming breakout on a weekly time frame. Also, you can see it has taken support and rejection from the dotted trendline drawn inside the wedge. If the breakout happens this week followed by a confirmation candle next week, go long. Immediate targets (remember its a weekly time frame) should be 365, 430, and 537.
I do see it breaking out very soon as lot of other indicators are in favor of breakout. But we never trade perceptions or predictions or for that matter opinion, we trade when price action tells us to.
Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision.
If you like the idea, give me a thumbs up and share it with others. You can choose to follow me too.
Comments and Criticism are welcome.