How RBLBANK is going to play out?
Rblbank seems to have tested patience of many of us for 3-4 years due to bad loans and NPAs.
But the recent developments like healthy quarterly results, and Mahindra's stake indicates quite a promising outlook for this bank in upcoming future.
Technically, there are two possibilities:
1. Head & shoulder pattern: Apparently, a H&S was formed which seems to have been failed or it might turn out be a fractal or extended version of H&S.
If it becomes reality, sell below 210-213 on the breaking of neckline for the target of 180-190 (Remember: Mahindra acquired RBLBANK at 190)
2. Flag or pennant pattern: if H&S fails and the price advances and takes a support at around 226, then buy for the target of 270 and 290.
What do you think is about to happen? 1 or 2? Let me know in the comments section.
But the recent developments like healthy quarterly results, and Mahindra's stake indicates quite a promising outlook for this bank in upcoming future.
Technically, there are two possibilities:
1. Head & shoulder pattern: Apparently, a H&S was formed which seems to have been failed or it might turn out be a fractal or extended version of H&S.
If it becomes reality, sell below 210-213 on the breaking of neckline for the target of 180-190 (Remember: Mahindra acquired RBLBANK at 190)
2. Flag or pennant pattern: if H&S fails and the price advances and takes a support at around 226, then buy for the target of 270 and 290.
What do you think is about to happen? 1 or 2? Let me know in the comments section.
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