By Monday, Feb. 26, the stock market rally that carried major indexes out of the depths of the recent sell-off came to within 1000 points or so of the DJIA’s Jan. 26 all-time high of 26,616. The next day, on Feb. 27, a major financial publication published this headline (Forbes): U.S. Stock Market Surge – ‘The Bull Market Is Back’
An interesting pattern has developed in Bank Of India daily chart. This is one of my most dependable pattern. As we can see the pole from 172 to 241 which approx 70 points. Breakout has already occurred at 226 on 26th Dec.
From the daily chart it is clear that Ranbaxy has finished ABC correction from recent high of 578 and made double bottom at 370. From lows of 380 price are moving in well-formed price channel as seen in 15 min chart. Daily and weekly trend is firm UP.