J&K bank - Cup and handle, a channel and correlation change
A cup and a handle is formed. J&K was bullish today even when the PSU banks were down, which shows the momentum it has generated. J&K has a correlation of on average 0.73 with the PSU Bank Index. Coupled with a channel, a cup with a handle, and correlation divergence the chances of breakout on the positive side increase. Decent for a short-term trade.
Disclaimer - This is only technical analysis, not a buy-sell call. Discretion is advised.
Disclaimer - This is only technical analysis, not a buy-sell call. Discretion is advised.
Penafian
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