Central Bank of India Bullish Pattern seen with Elliot Wave Counts

Weekly Charts

• After a long term down trend made a low of 43 this year March 2014
• The stock has started its 5 wave up move from them after completion of Wave 1 from 43 to 86 retracing 0.618 of the move to 59
• Now the the stock is in the primary degree Wave 3 as shown in weekly charts and the stock has formed a bullish inverse H & S pattern now trading at 90 odd levels
• The pattern targets for the stock is 1.618 * Wave 1 = Wave 3 = 130 & inverse H & S pattern targets are perfectly syncing at similar levels
• Thus stock can be accumulated around CMP and on dips 80 with stop loss of 74 for targets 

Wishing All Happy New Year 2015 in Advance !!!

Raju V Angadi

Equity Research Analyst

Learn simplified objective approach applying basic concepts of technical with some common sense to optimize your INVESTMENT and infromed trading decisions contact on:

 rvangadi@googlemail.com  (OR) +91 78291 55900

     

To swing your fortune higher join us and be ahead to track market turns ....

Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while INVESTING or trading in markets