Federal bank : Rebound with inverted hammer

The scrip can be seen to rebound back from crucial levels by inverted hammer as it could have breakdown by bears taking control if gone below from rising wedge

Chances of bullish reversal due to:
1) %william near oversold situation and showing upward trend
2) Good fundamentals and recent show of results -

After breakout confirmation, Bullish run expected beyond 52-week high Resistance (C)
Trade can be started after it crosses 116
Support can be taken as per chart

Note: RBI expected announcement on RBI repo rate cut could also turn favorable in the bullish surge of the scrip, in its bi-monthly policy on August 2

Call - 25-40 days
Trade active: Facing strong resistance at 115.90 levels by bears..
Feel that it should follow the bullish trend (reversal) once it crosses 116-117 levels
Comment: Chances of breakdown by bears yet to be ascertained. Would prefer to keep SL at 113-111 as there could be chances of breakdown if the scrip doesn't manage to take into the bullish reversal momentum and bears manage to take control over the momentum.
If momentum substains above 116-117 levels, good to go for touching resistance highs and breakout
Comment: Probably, Can see the scrip reaching resistance levels as defined in chart again after reversal if the bullish momentum continues and also, by virtue of last leg (right shoulder) of inverted heads and shoulders pattern

Comment: The anticipated right leg is going as portrayed..
Volume surge is required now at breakout level of 120 to bring it to new highs


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