IDFC First near to bottom out if gives monthly close above 82

Jul 25

IDFC First Bank is making P&F pattern and as of now it is making falling wedge pattern within the flag.
It seems to be very near to finish the bottom if it protect this area of 70-74 properly.
A monthly close above 82 can be a positive sign for P&F pattern breakout.

Actual breakout starts above LTH(100).
So with a stop loss below 70 it might be a good investment idea but if it follows the theory it can might take some time.
A safer entry (breakout) could be above 82 with a monthly closing.
A top above 100 with a weekly/monthly closing above 100 (LTH)

Final target can be up to 130 as per P&F pattern.

Jul 30

Note

Struggling at falling wedge resistance line, Closing above this line is needed for an up move, below it it can become bearish again after observing resistance.

Jul 30

Note

* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.

Jul 31

Note

Positives :
a. Stock moved out of falling wedge pattern resistance line and it might be the first indicator that the correction wave 2 in green is over and we are in wave (1) of wave 3.
b. After streak of 5 weekly candles in Red this is first green weekly candle formed
c. On daily timeframe the trend has reverted to uptrend with 3 candlestick rule [close > previous weekly candle close + high > previous candle high + low > previous candle low ]

Negatives:
a. The stock is still inside the flag on higher timeframe which need a monthly close above 82 or even better above 86 to consider the P&F pattern.
b. Trend is still downtrend as it did not break the previous candle high of 78.20, we need a weekly candle with [close > previous weekly candle close + high > previous candle high + low > previous candle low ]

In nutshell the stock is not yet turned green to go for long term gains but it must be in the watchlist for next 2-4 weeks.

Jul 31

Note

The older candles are not visible, here yellow lines represent the flag range and green vertical lines the pole.

Aug 7

Note

The correction is not over yet, a daily close above 82-84 is needed for the confirmation.

Sep 3

Note

70 was not broken and now stocks seems moving upwards, on chart it seems bottom is finished but confirmation will come only above 82 closing.