According to the analyst, Central Bank of India shares broke above the key ₹39.6 resistance level after forming an inverted head and shoulders pattern, indicating a potential upward move.
Central Bank of India's share price formed an inverted head-and-shoulders pattern after a period of consolidation following its downtrend, according to SEBI-registered analyst Anupam Bajpai.
At the time of writing, Central Bank of India shares were trading at ₹40.52, up ₹1.58 or 4.06% on the day.
According to his analysis, the pattern displays three consecutive troughs, with the central trough being the lowest point and the outlying troughs being higher, suggesting a shift from downward movement to upward movement.
Anupam Bajpai identified key support and resistance levels at ₹32 and ₹39.6.
The stock price surpassed the critical resistance level of ₹39.6 on May 30, which means this level will now serve as a key support level since support and resistance levels switch roles when broken.
The stock price finished its trading session above the 50-day moving average on that day as well.
Bajpai expects additional stock price increases, which could approach the 100-day moving average.
The analyst said that the relative strength index (RSI) for the stock stands at 66.25.
On Stocktwits, retail sentiment was ‘neutral’ amid ‘normal’ message volume.
The stock has declined 24.7% so far in 2025.
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