IDBI: Rally post a retest of breakout level
IDBI has retested the breakout level of INR 45.
The rationale for buy
- Volume expansion @ breakout, Pullback with fall in volume.
- Pattern: Reverse Head and Shoulder
- The bank has made an annual net profit for the first time in FY2020 since FY2016.
The stock is expected to rally to the 60-63 level.
This is my opinion and not a recommendation. This is only for educational purposes.
The rationale for buy
- Volume expansion @ breakout, Pullback with fall in volume.
- Pattern: Reverse Head and Shoulder
- The bank has made an annual net profit for the first time in FY2020 since FY2016.
The stock is expected to rally to the 60-63 level.
This is my opinion and not a recommendation. This is only for educational purposes.
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