This is more like looking at charts and trying to find out patterns
whom can this help
Hypothesis
Looking at charts, it seems there is a strong magnetic support/resistance at 40.5 price. It acted like resistance for months, acted like a consolidation zone, acted like a price rotation zone where weak buyers were taken off, After a breakout re-testing of this zone...and again in this pandemic, it came in to play as a strong support zone.
You name it- this price point have gone through all that we could think. So its an important price point for federal bank
Before the pandemic started - the Bank was in a nice slow bullish run forming HH and LH's. Pandemic stuck - it fell like others and now in an interesting zone
Here the price can consolidate for a while or breakout or break-down - Depending on other factors that no one knows. What we can safely infer is - if its breakout of this zone this will test the previous HL and if it breakdowns will test our magnetic price point of 40.5
at the end - this is a hypothesis, and in certain conditions becomes true and in certain conditions becomes false. So watch out for conditions
Happy Trading
MSK
whom can this help
- Investors - what should be there SL in Federal Bank - exit at 66 and re-enter at 41
- Technical Analyst - one more analysis - always good to see perspectives :) isn't it
- Traders - Not exactly - but they may want to set an Alert for Monthly closing below 66 or above 87 for major moves
Hypothesis
Looking at charts, it seems there is a strong magnetic support/resistance at 40.5 price. It acted like resistance for months, acted like a consolidation zone, acted like a price rotation zone where weak buyers were taken off, After a breakout re-testing of this zone...and again in this pandemic, it came in to play as a strong support zone.
You name it- this price point have gone through all that we could think. So its an important price point for federal bank
Before the pandemic started - the Bank was in a nice slow bullish run forming HH and LH's. Pandemic stuck - it fell like others and now in an interesting zone
Here the price can consolidate for a while or breakout or break-down - Depending on other factors that no one knows. What we can safely infer is - if its breakout of this zone this will test the previous HL and if it breakdowns will test our magnetic price point of 40.5
at the end - this is a hypothesis, and in certain conditions becomes true and in certain conditions becomes false. So watch out for conditions
Happy Trading
MSK
Kommentar:
Given a breakout on the upside - so positional Traders can look for a target of 110
Kommentar:
Made a high of 107 .. lets see if 110 also is on cards
Trade geschlossen: Ziel wurde erreicht:
took some time - actually a lot of time but finally