harshad_009

IDBI : On The Marks for a big runup

NSE:IDBI   IDBI BANK LTD
One great swing opportunity seems to be building on the charts of IDBI bank. On the weekly time frame this script has broken out from below a twenty year old descending trend-line and a double bottom as well and that too with volumes that are nearing life time high numbers. After breaking out it has again revisited the erstwhile resistance and taken a support thereupon. Now if it strides further in the same momentum there happen to be two entry points,
The first one around 49 ( which is a last year swing high and is only for highly aggressive community) and the second one, which is also Fibonacci target 55.30 ( moderates may enter here)
Both entry points need to be shielded with a strict SL to be placed at 47.85
Milestones on this journey might be 62.70, 75.55, 91.75, 117 .... and so on (these are numeral representations on the Fib chart)
Do let me know how you find this ( and go for your own analytics and your studies before you commit yourself for any positions )
Comment: Arrived near our first milestone 62.70, if it crosses and sustains 62.70, you can go for pyramiding, of course with a stricter SL and with your own research and your own risk appetite