Andhra Bank Positional Call based on Charts and Pattern

    Posted by Ashish Sankhla on 0

    daily chart of andhra_bank

    On daily chart after the break of downward trend line the Andhra bank stock also formed double bottom chart pattern and close above the resistance zone that mention under the Rectangle in above chart with improving RSI on technical chart.

    Before this Andhra bank stock successfully hold the support around the golden Fibonacci ratio of 61.8% which is placed around 70-71 level of previous rise from 47 to 110 levels and get some bullish momentum from here.
    Now the 70-71 area came out the strong support zone for the stock where as multiple supports and ratio are placed as support zone on the chart.

    Positional traders can buy this stock for the target of 85.5-90-95 with Stop loss of 75.50-71

    You may also use pivot support and resistance of the stock for Intraday trade from here => pivot levels

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