The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 3:1
SL is placed below support zone & the lower trendline. The target is placed based on fundamentals and near swing high.
Commonwealth Bank, one of my safer stocks to watch.
With an uptrend that felt like it would never end, we finally have a good buying opportunity on our hands.
Uptrend and downtrend are both coming to a squeeze on a support/resistance line.
Looking to buy in around the $98 support if price holds.
Otherwise letting it drop and hoping to get in at the $87...
BAC is finally back above $40.50 but now the fight starts at $40.80. It was a previous level of support this quarter now I think it could be a resistance level on the daily chart. Wit the stress test news, it wouldn't surprise me if it waffles a bit around here then hopefully breaks. I'm long right now with both stocks and options on the company.
Positional Call: Buy BANKNIFTY fut near 35228 tgts 35990/37300 SL: 34455
Bank Nifty future seems to be trading in strong upside channel. Recently it has pinched a low exactly at support and interestingly low coincides with 3 candles recently at same levels. With yesterdays close it gave birth to morning star pattern which is confirmed today with a new high...
I like to challenge the "common wisdom of the crowds" on my channel. Today I did a side by side comparison on two asset classes that according to different wisdoms will appreciate due to inflation and rising rates. The winner Year to Date may surprise a lot of new investors.
Fundamental Friday (BAC):
1. Select historically "Cheap" or "expensive" markets.
- BAC is within uncertainty range level 1.
- Financial sector is cheap, relative to tech. BAC has an 18.19 PE ratio vs 585 PE ratio of TSLA.
- BAC is neither cheap nor expensive relative to rivals in the financial sector (JPM, GS, by RSI).
2. Develop a...
Following a 2 month decline in bank stocks, FINANCE index almost touched oversold on the RSI yesterday but bounced back and broke out of its downtrend line today.
Expect banks to drive KLCI rebound after Hari Raya break and offset projected decline in glove stocks.
Banknifty price structure still looks weak to me, and we could see another 1000 points fall in the coming week.
Immediate support I see is around 31600 levels.
Immediate resistance is around 33200.
Expecting High Volatility in the coming week, plan your trades carefully.
there is not so big deal with bank section on stocks. market is now over extended high. so market gives some retrace for grab some liquidity. atleast area is 582 and max is 527. then price go higher max area 725. stay with me for further update