Bank of Baroda [Upside Breakout from Pennant]

BULLISH  IN THE NEAR TERM

 In furtherance of previous analysis 

http://techincallearning.blogspot.in/2014/02/bank-of-baroda-nse-bankbaroda-daily.html

CANDLESTICK PATTERNS: 

• Bullish Belt hold appeared on 21st march and 24th march, 2014, signalling continuation of previous up-trends.
• Long white candles, Spinning top appeared at  support levels.

BULLISH PENNANT: 

• A Bullish pennant pattern is appeared on the daily charts.
• Volume dried up during pennant consolidation
• Straight move before the the pennant formation.
• Breakout on the upside from the pennant has taken place on 26th march, 2014.
• Caution : Breakout didn't come with the significant increase in volume.
• If Pattern completes, stock may test the levels, of 693, 700, 716, 745, 755.780.
• Stop Loss is placed at 650, 630.

INDICATORS:

• RSI :RSI showing negative divergence, while prices are continues to turning up, however  reading above 70 are showing significant strength.
• STOCHASTIC :  Giving reading above 80 , signalling strength and still turning -up.
• MACD:  It is turning-up, and histogram bars are also turning up.
• BOLLINGER BANDS : Bollinger bands are widened.