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looks like a contracting triangle which will break out tommorrow
Which side - Kindly share your views
Federal looks like bottomed. Looks like a fresh uptrend. Buy here and on dips
FEDERALBNK weekly chart analysis.
Can expect 90 Zone this week.
Levels mentioned in the chart!
As shown in the chart - a diagonal pattern is spotted in the chart
can be part of wave A
Now as part of wave B - we can see an upmove to around 85
Let us see how the next wave unfolds !!
All critics / sharing of ideas welcome
Buy above 82 with SL 79.75 consider Target 90.05
Follow strict stop loss :)
About to break the upper trend-line and short will get initiate after the breakout.
Short zone - 79.15 to 79.00 with the SL of 80.20
Target levels - 78.45 / 77.70 / 76.80
Ichimoku Cloud also Supports the uptrend.
1. T-K Cross happened below the cloud.- Slightly bullish.
2. Current Price is within the cloud-
3. Chikou Span is above the Price in the Past 26 days.
Expecting the price to be above the cloud this week end for the target 90.
long till profit target...
just an interplay of channels , fibonacci & wave counting
Is the correction over in Federal Bank ??
As per Fibonacci,
78.6 % PROJECTION FROM WAVE X IS 73.2
In any case if correction is not over , it should not go much below 73
if going below 73 ., my wave count is wrong
Brokerage Emkay Global said Federal Bank remains at major risk due to this unforeseen event with 34% of lending and 64% of deposits directly linked to the state. But 62% of Kerala-based deposits are contributed by the bank’s NRI customer base and of the Kerala-based lending book, 51% was corporate, 28% towards SME/MSME and 21% were to the retail segment.
Two block deal happen in two days and stock is in major support
Remember that all wave counts are work in progress & are meant to aid trading
I use Elliott wave count to help in my trading, not to verify if i am right or wrong ...
i am willing to accept i could be wrong & knowing before hand what i will do when i am proved wrong...
The only thing that are guaranteed in life are Death & taxes.......
possible support or breakdown to watch