TDXPRIME

idfc first bank bullish shark long term

Long
NSE:IDFCFIRSTB   IDFC FIRST BANK
Bank is following the shark harmonic pattern in monthly time frame. Trend line breakout was seen at 35 rupees which was best to enter the stock . Now the target point according to shark can be either .886 to 1.13 range which completes at point D as we see in all other harmonic patterns . Now, B to D(1.618) must be near to point D as much as possible. So, we used point D at 1.13 not .886 . According to this pattern our potential reversal zone range is 83.35-89.90. Maintain stop loss of 55.60 on candle close basis, use one day candle for this.
Please share & like the idea if you liked the work and support it.
good luck

Comment: buyers taking control at 59.60

Comments

it would have been better if you give your conclusions (of course with usual disclaimers) as there are a lot of lay people who are reading your observations who dont know your jargon. pl. help all of us by saying what it all means.

hope all the technical analysts follow this if your knowledge is to be helpful to small investors.
+1 Reply
TDXPRIME mjsarma
@mjsarma, this does not need any disclaimer if you have bought in delivery even if the stock falls it has to continue its journey upside until the target is reached and i never give ideas for buying derivatives. So if you bought in delivery stay invested and 69.05 as shown is huge resistance and after this target range is 83.70 to 89.90. I apologize if you found the language difficult i will keep this in mind next time
thanks for commenting
Reply
mjsarma TDXPRIME
@TDXPRIME, thank you for prompt response and your input!
+1 Reply
TDXPRIME mjsarma
@mjsarma, always welcome
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Good observation and deduction.👍. Can you also indicate the time frame ? Being a shareholder I hope you will say in a years time maximum!
+1 Reply
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