Weekly chart of Federal bank suggest a buy @ 85
This is based on the book by Laurentiu - Price action breakdown
As you can see in weekly chart , it was in initial downtrend phase
In the downtrend phase there was a clear lower high , lower low pattern
The downtrend turns into an uptrend when price makes and confirms a higher low at the lower right side of the chart.
That higher low is only confirmed by the following move upwards. This way of judging a trend is powerful.
Also as written in the book , we could identify a Fair value rectangle area , where there was a confluence of value area low with value high of the falling channel
Ideal buying was in the range of 75 - which was the confluence point , after which , the stock value rose to 97 .
Now there is another buying opportunity if Federal bank falls to 85 levels.
As you can see in weekly chart , it was in initial downtrend phase
In the downtrend phase there was a clear lower high , lower low pattern
The downtrend turns into an uptrend when price makes and confirms a higher low at the lower right side of the chart.
That higher low is only confirmed by the following move upwards. This way of judging a trend is powerful.
Also as written in the book , we could identify a Fair value rectangle area , where there was a confluence of value area low with value high of the falling channel
Ideal buying was in the range of 75 - which was the confluence point , after which , the stock value rose to 97 .
Now there is another buying opportunity if Federal bank falls to 85 levels.
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