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...
IDBI 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...