sharechart Technical Newsletter vol-1 issue-7
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The document analyzes the development bank sub-index, indicating a bullish trend for the Araniko Development Bank Ltd (ARDL) stock, suggesting a price target of 1200 to 1350. It describes a rising wedge pattern, which is typically bearish, but in this case may lead to an upward breakout. The stock is also noted for forming a rounding bottom pattern, with buying recommendations at rs.202-225 and a target price of rs.260-280.
sharechart Technical Newsletter vol-1 issue-7
- 1. DEVELOPMENT BANK SUB-INDEX ANALYSIS DESCRIPTION Banking Index Development Index Finance Index Hydropower Index Insurance Index SHARE CHART Vol. 1 Issue 7 R2 -1113.90 R1 -1109.92 Pivot -1105.70 S1 -1101.72 S2 -1097.50 R2-1164.1 R1-1193.1 Pivot- 1171.23 S1-1163.94 S2-1149.36 R2-584.36 R1-583.93 Pivot -583.72 S1-583.29 S2-583.08 In our previous edition of newsletter , we indicated HydroPower Sub-Index chart pattern consolide or downtrend .As we are analyzing development bank sub-index ,we saw Rising Wedge Pattern with up trend black is index line which move 776.70 on 31 july 2014 to 1083.87 on 31 dec 2015 within 1 and half years increase by 307.17 index.Rising Wedge pattern is a bearish patten that begins wide at the bottom and contracts as index move higher and the trading range narrows.But this typiyally occurs following a correction lover within an uptrend or after a consolidation phase ,it will break upwward too. This indicates DEVELOPMENT BANK SUB- INDEX moving on bullish trend trageting 1200 or 1350, Stop point below 1100 TECHNICAL NEWSLETTER R2-2173.93 R1-2163.02 Pivot -2157.57 S1-2146.66 S2-2141.21 R2-5540.74 R1-5489.25 Pivot -5456.40 S1-5404.91 S2-5372.06 Date: 01/21/2016 Click To Subscribe Current Sub-Index 1178.5 ARANIKO DEVELOPMENT BANK LTD (ARDBL) DESCRIPTION Contact Us: Email: sharechart2015@gmail.com R2 -1113.90 R1 -1109.92 Pivot -1105.70 S1 -1101.72 S2 -1097.50 R2-1164.1 R1-1193.1 Pivot- 1171.23 S1-1163.94 S2-1149.36 R2-584.36 R1-583.93 Pivot -583.72 S1-583.29 S2-583.08 Kamalpokhari Mob:- 9801140245 The above figure shows ARDBL with ROUNDING BOTTOM PATTERN FORMATIOM. Note:This newsletter(sharechart) provides impersonal educational stock trading information . All material presented within is not to be regarded as investment advice, but for general informational purposes only. R2-2173.93 R1-2163.02 Pivot -2157.57 S1-2146.66 S2-2141.21 R2-5540.74 R1-5489.25 Pivot -5456.40 S1-5404.91 S2-5372.06 ARDBL,The stock has been flagged up by our Mechanical Trend Following Strategy Screener. It is also on the verge of breaking from a rounding bottom Formation.,It also known as saucer bottoms, are long-term reversal patterns .The general rules are that the pattern must be preceded by a down-trend, usually form an identifiable peak in price as it tries to gain again.fail to do so, and then form a new low. The price will then move sideways for a long period of time before gently beginning to rise again. Buy at Rs.202-225 Target at Rs.260-280 Stop-loss at Rs.Below 200 Email: sharechart2015@gmail.com Kamalpokhari Mob:- 9801140245