Enough for Federal Bank

Federal Bank was in good rally from the month of August till December. From December on-wards  it started trading range bond with heavy profit booking by investors. Stock was trading range bound till last month after which, triple top formation made the sentiments in favor of Bears (Sellers). Its a high time for Banks now. Rate cuts with RBI favoring Bank sector. Also, for Federal Bank, Stock has already retraced till 61.8% (Considered as golden Fibonacci Ratio). With banks sector zooming, its difficult for Federal Bank to fall further to reach next price level of 119.8 (78.6% Level). Yesterday Stock closed with a Doji which indicates uncertainty among traders. Following 30 Minutes should give idea of power of Bears.

As it is clearly evident from 30 Minutes chart that Bears have brought the stock down with full charge but after touching the 127 Level, (which is 61.8% level as per long term chart) bears have been weakening. Observe the region marked with Black circle where we can see trading at flat.
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Now with the high time for Banks, we should now see some up upwards movement with fresh rally. For confirmation of Upwards movement and to find out the time as when can we see upwards movement, lets analyse long term chart with another view

After Observing the MACD and RSI over long term we can see that RSI below 30 is difficult but when it comes below that, Stock should jump from that level provided it gets support from other factors. MACD Bullish Crossover and RSI touching 30 from below gives good intraday rally. Last attempt was at March end but MACD Divergence was very was on negative side. Now Again RSI is touching 30 from below and this time Divergence is closer (-0.30). So, tomorrow we should expect good rally for Federal Bank.

I am expecting a new high in near future and am completely bullish right now. Its Enough for Federal bank to be in control of bears now