IDBI : set-up for a big moveTarget 107 | Stop-loss 61
* Multi-week sideways consolidation (read accumulation)
* Bollinger Band contraction
* Momentum oscillators inching towards buy crossover
IDBI trade ideas
IDBI Bank approaching channel resistanceIDBI Bank has been trading in horizontal channel respecting support and resistance, it has been approaching channel resistance around 77 in near term,traders may enter long in IDBI.
IDBI Bank touching channel support, ready to move upward IDBI Bank trading in a channel since March'16 and gradually forming a wide wedge, it is touching the channel support 68.60 and very good opportunity to enter long in this stock but wait to see breakout if breakout occurs it will trade downward but chances are very thin to go down, risky trader enter long with small stop loss with a target of 81.00 in near term.
Bullish Gartley anytime on IDBIWe have multiple setups of Bullish Gartley on IDBI. Channel support is nearer and slightly below that level can be treated as SL point.
Just wait for the reversal signal before taking a trade as index is not supporting.
buy above 83 for 120 target(1) , target (2) - 150 , SL - 55buy above 83 for 120 target(1) , target (2) - 150 , SL- 55
GO VERY LONG
Trip plan for IDBIIDBI has been moving continuously in channel. Currently We have witnessed an impulse wave 3 which made high around 77. These are below few things to be noticed.
1. Impulse wave around 77.
2. Bearish Gartley with D leg almost expected around 77.
3. Previous structure resistance around 77.
I am expecting one retracement to slightly below 75 on Monday. Those having a bullish view can use it as an entry point.
Whats this one tellingIDBI has been trading in a channel on a daily charts. Will it test the resistance trend line again.
As of now one can buy it for first target of 81.
But one has to be careful on the upside as well as there is a potential bearish Gartley devloling inside the channel.
IDBI BANK Limited - Daily ShortPrice has hit Resistance level and has reversed. Price should go down further till 73.92. Also the last Daily candle i.e of 16.9.2016 is a strong bearish candle. Idea is based on price action.
***This idea is published for educational purposes only***
Learning Post : Can we Say it's a Flag Breakout?How can we set the target if Flag Patter is building? More Details on Flag would be appreciated from the Experts and Seniors. Thanks.
IDBI BANK - On verge of multi year break-out!Q1 FY16-17 results have reported profits and seems like Bank has done with writeoff of NPA. Since last year there are news of privatization of this bank like Axis Bank.
Bank is in process of share sale of Rs6000cr and also separate offering for preferential shares which will allow investors to take over the management as per reports available in media. Bank’s fundraising could help bolster its balance sheet and rein in bad debts that totaled 7.47% of loans at the end of June, according to a presentation on its website
My initial target post breakout is 110-120 and if its privatized like Axis Bank, it will surely be a multi-bagger!
IDBI : [Intraday] Wedge within [Positional] Wedge : Breakout ?IDBI on hourly timeframe has wedge pattern and price is near the lower trendline of wedge pattern and if you notice there is another wedge formation in 15mins. Initially I thought of posting this 60min wedge as positional trade and later converted it to intraday post bcos of Inner wedge. So Intraday traders can trade the inner wedge's direction of breakout and if intraday wedge breakouts outer wedge can trade it as positional also for much better targets . Two Birds one Stone !
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Happy Trading !!
