Federal Bank | Rounding Bottom Pattern


 



Federal Bank | Rounding Bottom Pattern Breakout | Four Years Strong Breakout 

Stock Name: Federal Bank 

Pattern: Rounding Bottom 

Time Frame: Weekly 

Observation:

The stock has been in a downtrend since 16 October 2017 because the stock made a new all-time high on and faced a strong rejection from price level (127.85 Rs) and has formed a rounding bottom pattern on weekly timeframe. In today's trading section i.e. 14 October 2022 the stock has given a strong breakout of its previous all time high with strong volume build-up. All the technical indicators like RSI (74.08), Moving Averages (20,50,200) is indicating a strong bullish upside move from the current price level i.e. 130.25. 



You may add this to your watchlist to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.








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