Federal Bank
CMP 132
It seems buliish in longer term – 1-2 years like many of other banking stocks. Monthly MACD is in buy area.
It started a fresh wave in March 2020 and now it seems to be in 3rd wave of this fresh beginning since 2020.
Medium to term target seems to be in the zone of 220 -240. That is the level of equality of wave 1 and wave 3 and that is also upper end of the rising channel.
Monthly charts
In shorter time frame, if seems weaker than others and is correcting a bit. Daily and Weekly MACD are in sell zone.
It has a support in between at 130 area . But if overall market becomes weak, it can correct somewhere upto 110-120 zone.
Weekly Chart
If it goes and closes above 140 , then correction levels would change.
Keep in consideration, these are weekly/montly charts, the likely scenario would take months to play out.
Disclaimer :This post is just for learning one of the few methods of price-patterns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors
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