Time has come again to look at PSU Banks. After the announcement of the recapitalization of PSU Banks by our respected Finance Minister, Mr. Arun Jaitely, PSU Banks has moved 30%-40% in 1 day. Now, the prices have filled those GAPS and look like ready to resume the uptrend.
My 1st Pick is “Oriental Bank of Commerce”.
On Daily Charts – Prices has made falling wedge pattern and prices perfectly filled the GAP created due to the news. Price has made a Higher High and Lower High, clear indication of an uptrend.
On Weekly Charts – Prices has made an Inverse Head & Shoulder Pattern and now the price has retested the trendline.
So OBC is a buy at 125.50 for Target 160-180-200!
Learning Here – Falling Wedge & Inverse Head & Shoulder Pattern.
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