ANDHRA BANK
- As per previous report published on ANDHRA BANK, stock failed to close above 104 (its golden ratio resistance) and we witnessed a sharp selling from 104 levels to now around 75. (Click here to see past report published on ANDHRA BANK).
- Now daily chart indicates stock is facing strong golden ratio 61.8% fibonacci retracement support at current levels, this indicates bulls have a chance to get active and move up the stock from current levels. But stock failed to take this golden ratio support then can see some further weakness.
- Suggested Reading - OIL INDIA has formed Descending Triangle Formation and trading below 50 DMA, will be favored by bears..
- Daily chart also indicates Andhra Bank s facing 200 days moving average support at current levels, as long as stock holds above it will be favor by bulls, but once stock closes below 200 DMA then bears can get active as we can see some further weakness in stock. Graph no 2 also indicates that stock indicator RSI is now moving near oversold zone this is a sign of caution for bears , as stock can see some bounce back as per RSI indicator.
- If stock moves up from current levels then will find strong fibonacci retracement resistance around 83.50, 88.50, 92.50 and 96.50, as per graph no 3. Close Watch.
- Click here to see all the free trading reports (tips) published by us on ANDHRA BANK.
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