BoB has already given a falling channel breakout out of monthly charts and has been under bullish momentum since last few months.
Price has formed a very strong bullish candle on weekly charts at previous resistance, which it did broke out in past after forming a rounding bottom on weekly charts. The current closing indicates that price is confirming the previous resistance turning into a good support and is potentially gearing up for its next upmove.
The pattern target for this rounding bottom are coming around 280 levels which is also coinciding with a potential wave 5, which can be 100% extension of wave 3 (from April'21 to Dec 22) on weekly charts.
Overall price action is suggestion very strong bullish sentiments in this script and can be kept in radar for long term perspective
Also sharing details of PSU Bank index related idea section which I had analysed in past in August 2021
Price has formed a very strong bullish candle on weekly charts at previous resistance, which it did broke out in past after forming a rounding bottom on weekly charts. The current closing indicates that price is confirming the previous resistance turning into a good support and is potentially gearing up for its next upmove.
The pattern target for this rounding bottom are coming around 280 levels which is also coinciding with a potential wave 5, which can be 100% extension of wave 3 (from April'21 to Dec 22) on weekly charts.
Overall price action is suggestion very strong bullish sentiments in this script and can be kept in radar for long term perspective
Also sharing details of PSU Bank index related idea section which I had analysed in past in August 2021
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Bob - almost near targets......
