My Analysis:
Stock had initially formed Cup and Handle kind of a chart patter on Daily Time frame and it gave a breakout.
Stock is now retracing after giving a breakout. and bouncing from the support zone of 57.25 - 57.55 which was initially acting as resistance.
All the moving averages are giving Bullish signals.
Hence it's a good buy at the CMP that is...
IDFC First Bank is in a bullish momentum.
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If its Break 60.15 resistance, it can easily reach 68-70 .
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You can buy this for swing trade purpose after the Breakout.
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Keep learning keep earning.✌️
This setup is on daily timeframe.
Stoploss at 0.38 level i.e. below the resistance line of pattern which should act as support now.
If the 0.61 level is break the we will get the confirmation that the trend is changed.
The uptrend will begin and 52 week high will be our major resistance and the target too.
Because it's 52 week high it's strong resistance,
so...
CMP- 59.25
SL- 54 (more conservative - 53)
Target- 69, 80
25/5/21
- Moving above Daily EMA, Weekly EMA crossover seen
- 100 EMA support (confluence)
- VOL is increasing on the up moves
- Price went from 50 to 57 then took a halt and broke 57 with good volume (shows structure change)
Best Opportunity For Swing Traders💕
Level Mentioned On Chart.
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📌Key Highlights:
🔺BO On Daily Time Frame
🔺Cup And Handel
THIS TRADE ANALYSIS IS BASED ON DATA AND MATHS AS WHEN AND WHERE BIG PLAYERS ARE BUYING.GOOD TRADE FOR THOSE WHO WANT TO TAKE CASH POSITION AS IT MAY TAKE TIME ( FAST OR SLOW..SO WHY TO GIVE PREMIUN FOR OPTIONS AND FUTURE) .
Considering wave 4 has been palced , one should go long on this stock maintaining SL of 43 & look for the targets of 60/65 and 85 in wave five formation.
IDFC FIRST bank -
THIS SCRIP currently going 4th correction and its sub-wave "B" "C" is bending. once this scrip complete 4th correction we will expect 5th impulse.
The 30 min chart making lower high and lower lows and took support at daily level and also on Fibonacci 61.80 level (Strong Support), now it may break the trend at the confluence point.
