Bank of Baroda: Bullish Cup and Handle and Elliott Wave Analysis

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 BOB daily chart


From the above chart, prices are moving in a higher highs and higher lows thereby discontinuing the lower highs and lower lows. There is also a bullish reversal pattern which is formed known as cup and handle or a rounding bottom formation accompanied by volumes, the target of the pattern comes to 170 in a long run but in short to medium term, it can achieve 140.

As per Elliott Wave, prices have completed a corrective pattern (a-b-c) and is all set to start a new impulse wave where it has completed wave i followed by wave ii (either completed or ongoing) eventually opening wave iii higher.

The summation is BOB is all set to move higher near to 140 followed by 170 over short to long term with support placed at 60.


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