TIME TO LOOK FOR PSU BANKS AGAIN – 1ST PICK – OBC

Dear All,

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.

OBC Daily Chart

On Weekly Charts – Prices has made an Inverse Head & Shoulder Pattern and now the price has retested the trendline.

OBC Weekly Chart

So OBC is a buy at 125.50 for Target 160-180-200!

Sid

Learning Here – Falling Wedge & Inverse Head & Shoulder Pattern.

Disclaimer

I'm not a SEBI Registered Investment Advisor. Above Views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don't trade with the money you can't afford to lose. This page is neither a solicitation nor an offer to acquire/sell any script. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication for future returns.

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