Central Bank of India
CBI is taking support at its medium term trendline as shown in charts.
Weekly chart is forming Hammer and GraveStone Doji indicating downtrend is coming down
Buy above 159 tgt 162.6 and 165.5 and 170
IDBI Bank
The stock stalled around its 200-DMA and 20-DMA, which is acting as a stiff resistance.
Inability for the stock to close above this trendline over several attempts suggest weakness.
If it is unable to hold on to Rs135 levels, it could retrace all the way to the levels of Rs125 and below.
Sell below Rs133 with stop loss of Rs138 for target of Rs128,125 and 123.
Hi Bramesh
I saw the charts of IDBI today based on your 5ema weekly trading system…
Its completely oversold…
I personally think its not yet a Short NOW.. maybe after RSI goes hi again and if it hasn’t crossed the 200dma… then YES!
Hi,
Stock can remain overbought and oversold for a long period of time.
You need to combine your studies with 2-3 indicators to get the best out of a trade.
I always belive on trendlines and till a stock never trades above a resisting trendline with 5 EMA i would never take a trade on long side.
Rgds,
Bramesh