Chart Idea of the week – RBL Bank
On the weekly chart, RBL Bank is taking strong support and looks positive for perfect upside breakout on the chart above 138 levels.
RBL Bank is engaged in providing a range of banking and financial services. It includes commercial banking, retail banking, agriculture finance and financial inclusion, treasury operations, and other banking-related activities.
RBL Bank Chart Analysis
After a sharp downside rally currently stock has formed strong support on the bottom of the chart. Now we are expecting an upside breakout in this stock. According to leading indicator RSI, it’s already indicating a reversal from lower levels as we see in the above chart.
The stock has formed a flag pattern on the bottom for a bullish breakout above 138 with supportive indicators and price action pattern on the weekly chart.
Traders can buy the stock above 138 levels.
If it Breaks and close above 138 levels for 3 consecutive days then we will see an upside rally in the stock till 180—200 levels in the coming days.
Hurdle and stop-loss below 100 levels on a closing basis.
Have a look at our last week’s chart idea Recommendation on Siemens Ltd.