RBL Bank Ltd. BUY ABOVE 189 TARGET194/ 209/211 SL 174
RBL Bank Ltd. based on the chart you've provided (2-hour timeframe):
๐ Current Market Status CMP: ₹189.45
Price Action: Recently faced rejection near the 0.786 Fibonacci retracement level (~₹209.47) and is now pulling back.
Trend: The short-term uptrend appears to be pausing or reversing after forming a double top pattern near resistance.
๐ Support & Resistance Zones Key Resistance Levels: ₹194.91 – ₹211.35: Strong resistance zone (green shaded), aligns with:
Previous consolidation zone
0.786 Fibonacci retracement level at ₹209.47
₹189.45: Immediate resistance; price is hovering near this
Key Support Levels: ₹178.24: Immediate support (also 0.618 Fib level)
₹174.79 – ₹165.26: Medium support zone
₹148.29: Strong long-term support (Fib 0.382 level)
๐งญ Trend Setup & Indicators ๐ Short-Term Trend (2H Chart): Price broke above key levels but faced resistance at ₹209–211.
RSI shows recent Bearish divergence and Bear signal, indicating possible near-term weakness.
Price action forming lower highs, hinting at potential pullback or consolidation.
⏳ Medium-Term Trend: Remains bullish as long as the price holds above ₹165–₹174 zone.
A break above ₹211 could trigger the next bullish leg.
๐ Long-Term Trend: Structure remains bullish above ₹148. Price is in a higher highs and higher lows formation.
₹211.35 is a critical breakout point for longer-term rally.
๐ฏ Trade Setup ✳️ Buy Entry (Bullish Bias): Entry Zone: ₹174 – ₹178 (near Fib 0.5 and 0.618 retracement)
Target 1: ₹194.91
Target 2: ₹209.47
Target 3 (Long-Term): ₹220–225 (beyond Fib 0.786)
Stop Loss: ₹165 (below support zone)
๐ป Sell Entry (Bearish Pullback): Entry Zone: ₹189–₹194
Target 1: ₹178
Target 2: ₹165
Stop Loss: ₹211.5 (above resistance)
๐ RSI & Volume Analysis RSI: Near overbought zone recently, has turned down indicating profit booking.
Volume: Spikes seen near top, confirming supply pressure near ₹210.
๐ Summary View
Term Trend Bias Strategy Short-Term Sideways / Mild Bearish Sell on rise Target ₹178, SL ₹211 Medium-Term Bullish Buy on dips Entry near ₹174–₹178, Target ₹209 Long-Term Bullish Hold/Buy Above ₹148, Target ₹220+. based on the chart you've provided (2-hour timeframe):
๐ Current Market Status CMP: ₹189.45
Price Action: Recently faced rejection near the 0.786 Fibonacci retracement level (~₹209.47) and is now pulling back.
Trend: The short-term uptrend appears to be pausing or reversing after forming a double top pattern near resistance.
๐ Support & Resistance Zones Key Resistance Levels: ₹194.91 – ₹211.35: Strong resistance zone (green shaded), aligns with:
Previous consolidation zone
0.786 Fibonacci retracement level at ₹209.47
₹189.45: Immediate resistance; price is hovering near this
Key Support Levels: ₹178.24: Immediate support (also 0.618 Fib level)
₹174.79 – ₹165.26: Medium support zone
₹148.29: Strong long-term support (Fib 0.382 level)
๐งญ Trend Setup & Indicators ๐ Short-Term Trend (2H Chart): Price broke above key levels but faced resistance at ₹209–211.
RSI shows recent Bearish divergence and Bear signal, indicating possible near-term weakness.
Price action forming lower highs, hinting at potential pullback or consolidation.
⏳ Medium-Term Trend: Remains bullish as long as the price holds above ₹165–₹174 zone.
A break above ₹211 could trigger the next bullish leg.
๐ Long-Term Trend: Structure remains bullish above ₹148. Price is in a higher highs and higher lows formation.
₹211.35 is a critical breakout point for longer-term rally.
๐ฏ Trade Setup ✳️ Buy Entry (Bullish Bias): Entry Zone: ₹174 – ₹178 (near Fib 0.5 and 0.618 retracement)
Target 1: ₹194.91
Target 2: ₹209.47
Target 3 (Long-Term): ₹220–225 (beyond Fib 0.786)
Stop Loss: ₹165 (below support zone)
๐ป Sell Entry (Bearish Pullback): Entry Zone: ₹189–₹194
Target 1: ₹178
Target 2: ₹165
Stop Loss: ₹211.5 (above resistance)
๐ RSI & Volume Analysis RSI: Near overbought zone recently, has turned down indicating profit booking.
Volume: Spikes seen near top, confirming supply pressure near ₹210.
๐ Summary View
Term Trend Bias Strategy Short-Term Sideways / Mild Bearish Sell on rise Target ₹178, SL ₹211 Medium-Term Bullish Buy on dips Entry near ₹174–₹178, Target ₹209 Long-Term Bullish Hold/Buy Above ₹148, Target ₹220+
No comments:
Post a Comment