Central bank of India (cmp 31) is one of the smaller PSU banks which was under correction since Jan 2023. Key point was a rising gap followed by a falling gap within same region of 29-30, which was a bearish island reversal pattern, marked by dotted blue lines. ( both rising and falling gap falling within same price range. ) Stock price went below these levels, and after a period of nearly 2 months, managed to stay and trade above the island gap reversal region of 29-30 and is consolidating sideways.
Medium term swing high of 41.80 posted in Dec 2022 was then a 4 year high, crossing key resistance of 37-38 and stock price went into a medium term correction, posted a swing low of 22 in March 2023 and has managed to claw back to above key resistances. Near term resistance would be the above mentioned swing high of 41 and post that, there should be a good upmove.
disc: invested as a techno funda bet. (basket approach in south ind bank, IOB, UCO bank and central bank. there are a lot of such small banks to choose from, and one can create an appropriate basket based on own parameters. )
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