Ankita_yadav
Long

IDBI, LONG

NSE:IDBI   IDBI BANK LTD
Share has made Falling Wedge Pattern(shown in graph) which predicts upcoming uptrend. Last Candle made by share in day graph was MARUBOZU (indicated by arrow in graph) which shows good demand. Share price is expected to go up.
Trade active
Trade active: 9% up
Since you are all about Candle Stick Patterns :), what do u think about this one--> Balrampurchini , daily.
a massive engulfing, eating 4 days of red candles. Is it just a short covering or reversal . yes its yet to break the trendline.
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Ankita_yadav Einstein15
@Einstein15, hello...yes, It made engulfing but volume didn't support the price rise yesterday and today it is making red candle (almost covering half part of yesterday candle, may cover whole candle by the end of day). Although RSI is low, I am not seeing any bullish pattern in graph. It may make rounding bottom but one should wait till it forms. This is what I analyzed. What about you. What'should your analysis
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Ankita_yadav Ankita_yadav
@Ankita_yadav, *what's...
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Einstein15 Ankita_yadav
@Ankita_yadav, Hey, thank you for the nice explaination. I guess had i seen the volume, i wud have not though it to be okay, since it was twice the avg_vol level.
But yes that alone cant say that its a reversal, since is been all red and only green candles are the correction in the down channel.
Infact it actually did the same thing in the last leg. (THe double arrow on chart.) It made a bullish engulfing to reach the top of the channel, just to
spill down again. I thought it was the same this time, since it nicely made tilll the top of the channel in one egulfing bar. What confused me was that
it did that right on the weekly support level and engulfed not just one candle(like previous engulfing) but 4.THought it meant something,
SO i was like , lets take EXPERTS OPINION on this :D



I wasnt planning on buying it, untill it breaks the channel, more liek the anotehr long term support_turned_resistance level at green.
But yes, i think, as you said, it will take a round bottom to be called a reversal and a break above few key levels on the way up, else its gonna down big time.
Thanks for your time and input.
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Einstein15 Einstein15
@Einstein15, ** I guess had i seen the volume, i wud HAVE** though it to be okay, since it was twice the avg_vol level.
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Ankita_yadav Einstein15
@Einstein15, thanks to you too for sharing your analysis.
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