J&K Bank was mentioned in my portfolio thread as having an interesting short term reversal pattern. Putting up a line chart here, which shows two things.
- Breakout from a short to medium term falling trendline.
- Inverted head and shoulders breakout. Note the slight spike in volumes at the time of breakout above dotted line which is neckline of the pattern. Near term target if pattern plays out can be 38-39.
Fundamentals are not too conducive as is usually the case in most stocks near the bottoms. Book value is 85, however NPA remain high. disc: very small tracking position based on charts.
