IDBI Gap up Opening

IDBI broke its double top of 164.5 yesterday, and opened gap up today.  The volume is higher than all of October except yesterday.

Seems positive, a good gap up candlestick and high volume and breaking of double top, but no other indicators are giving an entry signal yet so will wait before entering.

Chart Source: www.moneycontrol.in

IDBI Sideways but Breaks Through Double Top

Yes! IDBI Bank stock on NSE has finally broken its double top.  Combined with other indicators, it suggests a slow and steady upward rise.  This might be too soon to take a position, but we should get a confirmation within a couple of days whether to take a position. 

Chart Source: www.moneycontrol.com

IDBI between Double Top & Double Bottom

IDBI Bank has lowered today and unable to cross the double top created a couple of days ago.  

It has also managed to remain above the close double bottom, but is expected to fall below that level tomorrow based on other indicators.

The next support is around 145-150 levels.

Chart Source: in.retuers.com

IDBI Sideways and Double Top

IDBI stock on NSE continues sideways.  

It has made a double top formation at 164.5.  

In between the double tops, it has also made a close double bottom around 154.5. 

The stock will most probably try and break its double top.  If it fails, it could be a good time to take a short position based on other confirmations.  

Chart Source: www.google.com/finance

IDBI uprise curbed

As expected in my 5th October blog post, the IDBI stock uprise has been curbed.  If stochastics hits bottom, the stock can rise again.

IDBI Repeats Doji Formation

The stock has remained overbought for entire September which shows continued uptrend.  Today’s candle is a doji which shows the market is facing selling pressure at its current point.  Same happened 3 days earlier but the market has risen, so it’s uncertain what’ll happen.  No specific negative formations visible though to suggest any steep negative change, however the steep uprise could face a curb soon.