IDBI Breakout in hourly chart with heavy volume. Cmp 39.75 Target 42 Study purpose only, please do your own analysis before entering. Do comment your input to help me in learning more.
Does 2009 Support breaks, wait for more data. For Educational Purpose Only
In recent past price witnessed sharp movements. Then the temperament cooled down. But now both bulls and bears are equally confused which side of the bed to get down. This is called Contracting Triangle pattern which is not easy to trade. This indecision is clearly reflected in Open Interest Table of the stock.
Bull structure in IDBI 61.8% Fib support Channel support Ichimoku cloud support Bull candle at support
This can be shorted upon break and consolidation of LTL.
Patterns are Best in what they do :) Disclaimer : I don't degrade other strategies, every strategy is good in own way ! Find this wonder while doing my Sunday morning analysis... 5 back to back patterns in IDBI Only the Bear Cypher is yet to complete in IDBI I didn't mark patterns which hit stop loss Happy Sunday !!