Indian bank formed a break out gap today with super high volume.
This type of gap is not easily filled , so go long.
Go long around Rs. 340.
Stop loss the low of the today’s candle at Rs. 319.45.
Target Rs. 372.
Duration 15 days.
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Indian bank formed a break out gap today with super high volume.
This type of gap is not easily filled , so go long.
Go long around Rs. 340.
Stop loss the low of the today’s candle at Rs. 319.45.
Target Rs. 372.
Duration 15 days.
M | T | W | T | F | S | S |
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11 | 12 | 13 | 14 | 15 | 16 | 17 |
18 | 19 | 20 | 21 | 22 | 23 | 24 |
25 | 26 | 27 | 28 | 29 | 30 | 31 |
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That’s a good surge but not exactly a break out gap. Pls correct me if I am wrong..where is the gap?
Respected Sivasubramaniyam B Sir,
The close of the Indian bank on 07/05/2018 is Rs. 321.30 and open of the 08/05/2018 is Rs. 324.
As per definition there is a gap between the close of the previous day and open of the next day. Bears tried to close the gap , but could not do so on closing basis as the bulls took over and price recovered from the low and made a high of Rs. 349. If you observe the candle of 08/05/2018 range is much larger than past few days. The stock which was in the non trending range[ side ways] for past 2 weeks managed to break the range and started the trending phase with high volume. I hope this satisfy your query.
Thanks and regards,
Dr. Bhushan.
Stop loss of Rs. 312 [ 372 mentioned in original post by mistake] is hit.
Dear sir/madam
As far as I know there was only breakout as mentioned by Mr sivasubramaiyam . For GAP UP the lower tail of the bull candle should not touch the previous day high. Or in short there should not be overlapping of the day range. In the same chart there was GAP UP during the last week of MARCH 2018. Error is unavoidable in learning anything and tech analysis is not an exception. I had committed blunders ….