Bandhan Bank stock prices have so far defied the general market sentiment.
After the company reported a multifold jump in its net profit for the quarter ended in March 2022, Stock prices have seen consistent demand.
The reports came out on May 13th, but the stock prices in Bandhan started to shoot up even before the reports became public. Insiders likely?
A Trend reversal attempt has clearly failed in the Stocks and traders are trapped by Market Behavior.
Take a look at the Price Action on 4h Chart
Bandhan Bank Price Action Analysis on 4h Chart
Since the beginning of March, stock prices of Bandhan Bank have been at an Uptrend. The Structure can also be referred to as a Markup Phase.
Earlier in the month of May, Stock prices witnessed selling pressure and there was a Trend reversal attempt. But the Trend reversal failed to work out due to Stock prices rallying on better than expected quarterly results.
Right now, we can see a strong upside price action momentum and a decent increase in the trading volume.
So far, stock prices have bounced back around nearly 13% from the retracement, which is a decent move in the present market condition.
Based on these observations, can we expect a new uptrend in Bandhan Bank regardless of market sentiment? Or is this another bear trap?
In either case, it’s good to keep an eye on the Stock in upcoming days. Traders should monitor the Price Action and take decisions accordingly.
