Dena Bank

Dena Bank

Dena Bank is moving in an upward channel making Higher Highs and Higher Lows.They said slow and steady moves are perfect moves and strong moves. Stock is moving in such a manner slowly making Higher Highs and Higher Lows.

Short Term:

Dena Bank is moving in an upward channel making Highs.Stock retraced to 50% febonacci levels(87.25) after making a new high of 127.9 from the low of 47.55 and bounced back.Buy the stock above 96.7 to see the previous 104 levels ( where 200 DEMA & 50 DEMA are lined up).Closing above 50DEMA stock may see the levels of 108 & 117.

Long Term:

Dena Bank is moving steadily in an upward channel with the strong pattern construction of Higher Highs and Higher Lows. Stock took support at the bottom of the channel. Stock hit the upper end of the channel almost 4 times in last 1 year time frame.If stock repeats the same, the upper end of the channel is lined up at  135-138 levels.Go long on the stock at current market price or buy in dips to see 138 in long period which is almost 42.7%. Breaking this channel stock may see higher levels of 151 as well.