Strong Support of Janata Bank at Rs.164

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than the opening level. The candle appears when prices are "low", it may be the first sign of a bottom. It occurs when prices are rebounding off from a support area, the long white candle adds credibility to the support.

During the past 10 bars, there have been 3 white candles and 4 black candles for a net of 1 black candle. During the past 50 bars, there have been 17 white candles and 21 black candles for a net of 4 black candles.

Currently, the MACD (Moving Average Convergence/ Divergence) is bullish since it is trading above its signal line.The MACD crossed above its signal line 0 period(s) ago. Since the MACD crossed its moving average, JBNL's price has remained unchanged, and has ranged from a high of Rs. 167.00 to a low of Rs. 162.00.

On 6/6/2013, JBNL closed above the lower Bollinger band by 38.8% and the current value for the 14 period RSI (Relative Strength Index) is 46.7180.

The recent price action around the bands compared to the action of the Relative Strength Index (RSI) does not suggest any trading opportunities at this time. As shown in the Chart, JBNL has a strong support at Rs. 164. Watch this level, if  it could not breach  this level, it indicates a buy signal.The last traded price of Janata Bank was at Rs. 167 price level.