IOB looks bullish on weekly and monthly time frames and is moving upward, taking support on 40 RSI
Highlights
Increasing volume when breaking the neckline level 38
Decreasing volume while correcting the price
Weekly RSI taking support on 60 & moving back up
Even if we set stop loss below the previous swing low, we can comfortably achieve a risk-to-reward ratio of over three. Good trade for the short-term.
It has retested the neckline and moved upward, a perfect entry to make position with a slight stop loss. If the trend continues, we may see 69 levels shortly. The depth of the cup is the target from the neckline. There is resistance at 65 levels.
Highlights
Increasing volume when breaking the neckline level 38
Decreasing volume while correcting the price
Weekly RSI taking support on 60 & moving back up
Even if we set stop loss below the previous swing low, we can comfortably achieve a risk-to-reward ratio of over three. Good trade for the short-term.
It has retested the neckline and moved upward, a perfect entry to make position with a slight stop loss. If the trend continues, we may see 69 levels shortly. The depth of the cup is the target from the neckline. There is resistance at 65 levels.