Federal Bank: How to identify wild price movement before the news is out in the stock!
Nov 09, 2021
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Using wave theory, we were able to identify a quick 10% move in Federal Bank before reports of ace investor Rakesh Jhunjhunwala adding stake in this stock.
we published Federal Bank analysis in "The Financial Waves Short Term Update" on 13th October which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
Federal Bank as of 13 October 2021 (Anticipated)
Federal Bank as of 09 November 2021 (Happened)
Waves Analysis:
On the daily chart, intermediate degree wave X of complex correction pattern is unfolding on the upside since mid of May 2021. The corrective structure of wave X suggests that it is forming a Diametric pattern. We can see that the trading range of the stock has been reducing since March 2021. The stock seems to have completed wave f near the 200 EMA and is now moving in the form of wave g on the upside.
In short, Federal Bank is bullish over the short term. Any close above trendline resistance along with crossing above 91 levels suggests that the trend can move towards 98-99 levels. On the downside 85 is the key support.
Happened: After we published the report on 13th October, prices kept drifting higher and on 21st October the stock precisely hit our target of 98 levels when the news of Rakesh Jhunjhunwala increasing stake in the stock surfaced.
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