Double Bottom, a tiny one has formed, also there is a teeny tiny divergence in RSI.
Also, the ratio of Price of IDFC First Bank to Nifty has double Bottom.
Seeing a possible rebound amid Covid-19. But it is unlikely because banking sector has been hit hard.
While the quarterly report can be a booster shot for the IDFC First Bank.
On daily time frame it opened below 60 EMA and Closed above 20 EMA
which is a sign of BULLISH, hope to go upside in a few sessions
I am just a learner and not a professional trader, based on my view
please don't trade, verify at your end before enter into this counter
As per the Last Development (Wave Structure) we are 'Bullish' with Invalidation Level at 37.50.
On the Higher side, we can expect 52.50 Level at an Initial stage...
IDFCFirstB seems to be forming a Falling Wedge Pattern in the Daily charts. A break above 43 could signal a breakout on the upside. Could see upside towards 48-50 band. A fall below 37 could negate the pattern.
After a long time day candle has closed above the 50 DMA. Sentimental RSI indicator is also green .This looks bullish set up. I would keep a stoploss near 39.50 - 40. My near term target would be 50.
Happy Trading and Investing!!!
