Many investors and traders are worried about the IBHF , few technicalities at this point from me:
1. Rounding Botton - only bullish pattern observed at this time.
2. Consolidation - stock is consolidating in a range of 130 - 140 from past few days.
3. Resistance @ 140.5 - 142 - few months back their was a big bearish candle formed at those levels, at 140 levels bulls were seen exhausted/trapped they gave up and the big selling was seen.
4. Important levels 142 - when it'll cross 142 -145 and sustain above it on daily as well as weekly charts we can take position for 160, 180 targets.
Bearishness
5. bearish candle: 2 days back from 141 faced resistance came down with heavy volumes forming signs of bearishness in the stock.
6. Dark Cloud cover: and then, yesterday it formed a big red candle all the gains of a week or so were taken off.
7. RSI (bearish divergence): these facts were not enough now big divergence on charts can also be seen, we may see stock tested downwards, and
the chance
IF ibul will be tested downwards we may see a good buying opportunity as the stock on long term basis has got oversold. So their will be an opportunity for short term to buy the stock, only worry if 110 is broken take that as a stop loss.
and my recommendation is wait for 145 to be crossed and sustained it will definitely outperform.
Disclaimer : views are personal i may have positio in it, please take advise from your adviser before placing order.
1. Rounding Botton - only bullish pattern observed at this time.
2. Consolidation - stock is consolidating in a range of 130 - 140 from past few days.
3. Resistance @ 140.5 - 142 - few months back their was a big bearish candle formed at those levels, at 140 levels bulls were seen exhausted/trapped they gave up and the big selling was seen.
4. Important levels 142 - when it'll cross 142 -145 and sustain above it on daily as well as weekly charts we can take position for 160, 180 targets.
Bearishness
5. bearish candle: 2 days back from 141 faced resistance came down with heavy volumes forming signs of bearishness in the stock.
6. Dark Cloud cover: and then, yesterday it formed a big red candle all the gains of a week or so were taken off.
7. RSI (bearish divergence): these facts were not enough now big divergence on charts can also be seen, we may see stock tested downwards, and
the chance
IF ibul will be tested downwards we may see a good buying opportunity as the stock on long term basis has got oversold. So their will be an opportunity for short term to buy the stock, only worry if 110 is broken take that as a stop loss.
and my recommendation is wait for 145 to be crossed and sustained it will definitely outperform.
Disclaimer : views are personal i may have positio in it, please take advise from your adviser before placing order.