Bank of Baroda recently showed a steep rise and gave a move of nearly 20% in just three sessions. We were able to catch the precise upmove just with the help of channels and Fibonacci retracement.
Below is the chart with detailed analysis published in our report named- “The Financial Waves STU”
Bank of Baroda 60 mins chart: (Anticipated as on 21st May, 2019)
Bank of Baroda 60 mins chart: (Happened as on 23rdMay, 2019)
(Below is the extract taken from our daily equity research report)
Anticipated as on 21thMay, 2019 – On the hourly chart we can see the prices are moving in an upward slopping channel.Currently the prices can be seen bouncing off the channel support. As per the wave theory, we can see wave b terminating near the 104.50 levels and are moving in the form of wave c on the upside. We have shown Fib extension of wave a for wave c, thus we can expect the prices to test the level of 128.50 in the near term followed by134.
In short the trend for Bank Baroda seems to be positive and buy on dips towards 120 can be used for a target of 134 with immediate support placed at 115 levels.
Happened as on 23rdMay, 2019 – Prices moved exactly as expected and witnessed a dip near the level of 120 posts which it showed a sharp rise and made a high near 143 which was also 100% retracement of the prior leg. It witnessed a sharp fall exactly from the same level and bounced from the low of 126.50 and is once again trading near its high of 143.
The above analysis clearly shows how well simple techniques like channels, Fibonacci retracement, etc helps in capturing such amazing move. To capture such moves on daily basis Get access to our “The Financial Waves short term update” providing detailed analysis using Elliott wave and other technical analysis methods. Get access here.
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