Cup&Handle Pattern Spotted Multi Year Breakout with Good VOLUMEEverything Explained in Chart IF you have any question . Please comment down Below
Idbiswing
IDBI : On The Marks for a big runupOne 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 )
IDBI: Rally post a retest of breakout levelIDBI has retested the breakout level of INR 45.
The rationale for buy
- Volume expansion @ breakout, Pullback with fall in volume.
- Pattern: Reverse Head and Shoulder
- The bank has made an annual net profit for the first time in FY2020 since FY2016.
The stock is expected to rally to the 60-63 level.
This is my opinion and not a recommendation. This is only for educational purposes.
