IDFC FIRST BANK - LOW RISK HIGH REWARD ENTRY !!
IDFC first Bank seems to be in its significant third wave, and it appears that it has finished its fourth minor wave of wave three. Additionally, it has formed a recognizable ABC decline, which concluded with a classic panic selling and an equally dramatic upside pullback, typically occurring at the end of wave C. How can we approach trading this situation?
Considering the current levels, it seems to be a favorable purchase with a stop loss below 70. We can anticipate a minimum target of 113, providing us with a highly favorable risk to reward ratio of 1:4.5.
Note: I refrain from conducting intricate wave counts as it can be overwhelming for numerous readers and to ensure simplicity.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Considering the current levels, it seems to be a favorable purchase with a stop loss below 70. We can anticipate a minimum target of 113, providing us with a highly favorable risk to reward ratio of 1:4.5.
Note: I refrain from conducting intricate wave counts as it can be overwhelming for numerous readers and to ensure simplicity.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Comment:
The stock saw a notable surge today, climbing around 5.5% in total from our initial forecast. Should our initial assumptions hold true, this positive trend is expected to persist. I will keep you informed of any further updates as they arise.