FOR STUDY PURPOSE ONLY
from low of 42 it goes to 85 (wave 1) then retracement of 50% at 62 gives (wave 2)
now let's see wave 3 MAY end at 113(ext. of 1.618% wave 1 )BLUE line
OR at 130 (ext. of 2% of wave 1 ) PINK line (LET's wait & watch )
IF wave 4 is 50% retracement of wave 3 then comes 94(YET TO DEVELOP)
IF wave 5 1.27 ext. of wave 3 then...
Federal bank is continuing to break this symmetric tringle.
After the breakout it may go upto 110 levels within 2-3 weeks...Fundamentally it is good and in catagory of investment stocks..
Monthly and weekly chart are highly bullish for long term targets are 180+ ....
Short term target is 110+
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FED BANK approaching very stiff resistance zone.( 74-76).
Volume activity suggest, it would be difficult to break the resistance.
Aggressive traders can short fed bank with small Sl.
But one should exit the trade on close above 76 or go long then.