INDUSINDBK has been moving sideways, for a few months, unlike its usual path of higher highs for years.
Making a Head n SHoudlers, currently on a Sup/Resistance level , awaiting break probably when Nifty is done with its Correction.
INDUSINDBK has been respecting the neckline for long. Its also movingin the down channel. Made a good leg up yesterday/
Currently on the intersection of neckline and channel edge. Awaiting Breakout / reversal.
INDUSINDBK is moving in a rising wedge, almost a channel.
FOund suport at orange lelve after it broke the previous high and retested the orange level.
Another leg up presumably, r it can fall down ,breaking out of the wedge.
INDUSINDBK broke out of a month long FLAG .
Respecting the sup/resistance levels while retesting.
Breakout from the yellow double top zone can give a small rally up.
Better view of flag in higher timeframe.
If one consider the length of pole of the flag as the target length , then its up for a huge rally.
It is been observed on the daily chart that the price action forming a bearish head n shoulder pattern, indicating further weakness ahead.
Target 1: 1380
Target 2: 1340
Stoploss: 1420
Indusind Bank after breaking uptrend journey fell sharply and slid further downward. it has already touched the support and retraced almost 50% of fibo level. As bank nifty closed in green last week and shown signs of upside movement, Indusind bank is also trading at edge of falling wedge resistance and any time breakout upside may occurred and it will target 1145...
INDUSIND Bank after trading in long term up trend is seems to have gone in trend reversal, it struggling to breakout further upward but remained unable and retesting the resistance, there is a good opportunity in this stock to short at CMP with a target of around 1150.00,or if break this level next support is 1080.00 as fibo 38% extension, it has already retraced...
