PSU Banking index has managed to retrace some of the fall witnessed in month of October and from past few trading session strong buying has been witnessed in PSU banking stocks. Bank of Baroda has shown a smart recovery from the low made near 100 levels. We used Elliott wave and Fibonacci retracements along with the channeling technique to capture the up move in Bank of Baroda and almost caught the top of the move!
Below is the chart showing detailed analysis published in our research report –“The Financial Waves short term Update.”
Bank of Baroda 60 mins chart:(Anticipated as on 8th March 2019 )
Bank of Baroda 60 mins chart:
Bank of Baroda 60 mins chart:(Happened as on 15th March 2019 )
(The following is the gist of research published in our equity report published on 08th March 2019)
As shown on daily chart, Complex correction is ongoing and prices are currently in second set of correction. From past 4 consecutive trading sessions Bank of Baroda is forming higher high higher low and has managed to protect its previous bars low on closing basis. As long as previous bars low i.e. near 111.15 is intact on downside move towards higher levels is expected.
As shown on 60 mins chart, prices are moving within the upward slopping blue channel wave a has completed on downside and wave b is ongoing on upside. Wave b has retraced 61.8% of wave a move indicating Flat correction pattern is ongoing. Also the 50-periods EMA is acting as support keeping the trend positive.
In short, trend for Bank of Baroda looks sideways to positive and move towards 120 can be expected in coming session with support placed near 111.15 levels.
Happened: Price moved in similar manner as we expected. In today’s trading session price made a high of 119.85 and this stock has continued to outperform giving almost 17% return in last one month
The above analysis clearly shows how well this technique works. Get access to our “The Financial Waves short term update” is daily equity research report covering Nifty and 3 stocks providing detailed analysis using Elliott wave and other technical analysis methods. Subscribe here
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