Sampath Bank PLC | Bearish OutlookSampath Bank PLC
Bearish Outlook
Structure: Bearish sentiment building on top followed by bullish channel and trendline
Sampath Bank PLC
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SAMP.NThis chart and analysis are not financial advice. Do your own research before trading or investing.
01. Cup and Handle Pattern:
The white line represents a pattern called the "cup and handle," lasting about 130 market days.
This pattern is considered strong and reliable in technical analysis.
02. Volatility Contraction Pattern Setup:
The yellow markings indicate a setup called the "volatility contraction pattern."
This setup aligns well with the three fundamental aspects of the pattern.
03. Grey Dashed Line as Pivot Point:
The grey dashed line signifies a potential pivot point.
To the left of this line, there's a noted area of overhead supply, highlighted in red and spanning 22 market days.
Despite this, the Volatility Contraction Pattern has extended for 147 market days, suggesting reduced overhead selling.
Daily stock volumes are decreasing without significant price movements.
Importantly, there's a 5.85 dividend from the company, making the estimated price from the pivot point $79.90 (calculated as $74 + $5.85).
This leads to an assumption that there might not be much overhead supply in that area when reached.
In simpler terms, the analysis suggests a strong and reliable pattern in the stock, a setup indicating reduced market volatility, and the potential for less selling pressure at a certain price level due to factors like dividends. Remember, this is just one perspective, and investing always involves some level of risk.
🇱🇰 SAMP LONG PROJECTIONSAMP is gradually ascending towards the established resistance level. A robust bullish trend is taking shape within the identified bullish channel on the daily timeframe. As SAMP approaches the resistance, it is prudent to await price confirmation before determining the next directional move.
SAMP.N0000Wait for a pullback and closely monitor the gap.
Entry Point: 56-60
Profit Target: 75
Stop-Loss: 54
Disclaimer: The information and analysis provided in this publication are for educational purposes only and should not be construed as financial advice or recommendations to buy, sell, or hold any securities. The author and TradingView are not responsible for any investment decisions made based on the content presented herein. Always consult a financial professional before making any investment decisions.
SAMP.N - SAMPATH BANK PLCDisclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in any stock exchanges, Indices, Stocks, Forex, Crypto etc.
CSELK:SAMP.N0000
SAMP
The weekly chart created a CnH pattern. Additionally if used the stage analysis method it is in early stage 2.
It has broken the upper level of the handle with a massive 12 million volume.
The MACD is looking positive while the MACD line is showing a sharp upward direction.
Rs 53.80 to put buyers back in controlWhilst the long term trend remains very much in favor of the buyers, traders should be looking to buy strength as prices have a successful move through the AVWAP from the most recent high.
Right now, prices seem to be building up for another leg higher but our jobs is not to speculate but rather react as the market gives us good probability signals. Clearing 53.80 would put the buyers back in control and likely see prices retest the 57 - 58 area. Breaching through this would likely see a move towards the mid 65 - 67 range.
SAMPseems 49 is a good support area for SAMP, currently being supported by dma50. However better to keep a stoploss at 48 incase of possible descending triangle in making.
bulls keep an eye at RSI, breaking out that trendline might give and early signla
SAMPRSI seems to be on a bearish retest. 48 will be a really good price for Long term shareholders to come back in after XD tomorrow1
SAMP | Cup and HandleWith the stock breaking out of the cup and handle pattern, it may reach the Fibonacci retracement 0.618 level. However, it may encounter resistance near the Fibonacci retracement 0.5 level and the ascending trendline.
As the stock price continues to rise, it's best to regularly update the stop-loss to higher low levels on a shorter time frame chart, such as a 4-hour or daily chart .
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
SAMP - Daily - 05.02.2023Let's watch how SAMP is building up from its support base. An important breakout took place.
