Bank of Baroda has been trading negative but in an expanding overlapping pattern. Just like how Fibonacci retracement helps in getting accurate levels similarly Fibonacci extension is another amazing tool which works extremely well when combined with Elliott wave in projecting the further move.
Below is the chart with detailed analysis published in our daily Equity report published under the name “The Financial waves STU”:
Bank of Baroda 60 mins chart: (Anticipated as on 30th July, 2019- Morning)
Bank of Baroda 60 mins chart: (Happened as on 30th July, 2019)
(Below is the extract of the research published in the report)
Anticipated as on 30th July, 2019 Morning: On the hourly chart we have shown the internal counts of the ongoing wave x wherein we seem to be moving in the form of wave c of the corrective pattern. We have shown the Fibonacci extension to get the estimate of wave c. The prices seem to have broken below the 76.4% of wave a and seem to be making a move towards the 104 level. The immediate resistance is placed at 114. And the support at 107.
In short the trend form Bank Baroda seems to be sideways to negative. A break below the support level of 107 will take the prices towards the 103…
Happened as on 30th July 2019- Prices moved as expected and hit a low of 101.35 which was just near the 100% extension of wave a.
The above research shows how well Elliott waves work and how different tools could help in deriving the exact entry points and targets for the same.
Register for our Intraday/positional Equity calls service and trade precisely. Register here
Below is the call for today:
01/08/2019- 10:42 AM- ICICIBANK FUT SELL BELOW 422.8 SL 425.3 TGT1 421.3 TGT2 418.7
01/08/2019- 10:55 AM- ICICIBANK FUT SELL CALL GIVEN TGT 1 ACHIEVED AT 421.30
01/08/2019- 1:34PM- ICICIBANK FUT SELL CALL GIVEN TGT 2 ACHIEVED AT 418.70
You can learn these techniques in the upcoming sessions where we will discuss about advanced patterns – Diametric, Extracting triangle, Impulse rules under the most advanced technical analysis training on advanced Elliott wave, Neo wave, Hurst’s Time cycles with Ichimoku Cloud. Only few seats left. Register here