IDBI BANK LTD is in Bullish Wolfe Wave pattern formed over years(Wave countings has been marked). The chart is bit difficult for a newbie to observe.Let me brief you in key points.
Very recently it has got activated again and broked the 135 TL. But the good thing about this time is, it has sustained above the 135 TL for 2 weeks.
1.The blue circles that used to previously act as support now acting as resistance, it has acted previously and even this time too.
However gradually it would be taken out as the bullish Wolfe wave is active now. So for that we need to BUY, the And buying exercise and reason has been explained in point 2.
2.The Buy can be done from CMP till 43 level. And that is because the black circles which previously used to act as resistance will surely act as support, so hypothetically this should be the accumulation zone. There should be expected target and resistances when one takes a long position , the same is explained in point 3.
3.The short to mid term target stand to be at 62.35 levels. And that is because the red circles which previously used to act as resistance will surely act as small resistance, and we should keep that as our first destination. The next resistance would be of-course the upper black trendline as it is a multi year resistance. The stock will blast towards 85 after that. But believe me it will break the trendline with huge difficulty.
There are some disinvest hope that can trigger this whole exercise.But personally I don't find this stock very interesting.
Very recently it has got activated again and broked the 135 TL. But the good thing about this time is, it has sustained above the 135 TL for 2 weeks.
1.The blue circles that used to previously act as support now acting as resistance, it has acted previously and even this time too.
However gradually it would be taken out as the bullish Wolfe wave is active now. So for that we need to BUY, the And buying exercise and reason has been explained in point 2.
2.The Buy can be done from CMP till 43 level. And that is because the black circles which previously used to act as resistance will surely act as support, so hypothetically this should be the accumulation zone. There should be expected target and resistances when one takes a long position , the same is explained in point 3.
3.The short to mid term target stand to be at 62.35 levels. And that is because the red circles which previously used to act as resistance will surely act as small resistance, and we should keep that as our first destination. The next resistance would be of-course the upper black trendline as it is a multi year resistance. The stock will blast towards 85 after that. But believe me it will break the trendline with huge difficulty.
There are some disinvest hope that can trigger this whole exercise.But personally I don't find this stock very interesting.
Comment:
Have started Moving towards its Short term target 62.35
Comment:
Short term Target Achieved.
