With the weakness in the PSU Banks sector we can see Bank Baroda making new 52 week lows with strong bearish momentum. It has been trading negative but in an expanding overlapping pattern.
Below we have shown 60 mins chart of Bank of Baroda which has formed Diametric pattern. See below the 7 legged corrective patterns with simple channeling technique.
Bank of Baroda 60 mins chart: (Anticipated on 6th May 2020)
Bank of Baroda 60 mins chart: (Happened on 11th May 2020)
The stock has been moving in the form of wave Z (blue) which is forming a diametric pattern on a bigger daily time frame where in wave f seems to have completed near 70 levels. We can see that price is moving in the form of wave g which is the last leg of the diametric pattern.
On the hourly chart price is moving in the form of wave g which itself seems to be forming a diametric pattern. We can see that price is travelling well within the falling channel and currently the down move is in the form of wave (e).
In short, trend for Bank Baroda seems to be clearly bearish. Price can continue moving towards 40 levels or lower as long as 46.50 holds on the upside.
Happened:The above mentioned research clearly indicate that the Elliottwave – Diametric pattern was under formation. Prices behaved in same manner and move towards making its 52 week low near 40.55 levels.
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