Oriental bank has formed a bullish engulfing candlestick pattern on 14/05/2018..
The candle of 14/05/2018 opened below the previous candle’s low and its open and low was same giving indication of bullish sentiments right from the start. The candle closed way above the high of previous bearish candle.
Candle of 14/05/2018 has engulfed not only the body, but also the entire previous bearish candle.
Previous candle of 11/05/2018 is a hammer candle , though red , it suggest the buying pressure from the bulls.
Volume is marginally increased.
Buy above the high of the bullish engulfing candle at Rs. 85.85.
Stop loss is candle’s low at Rs. 80.75.
Target twice the risk 10.20+85.85= Rs. 96.05.
Duration expected for the target is 15 days.
