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* On a monthly chart, the stock has formed “Bullish Engulfing Candlestick” which is a sign of reversal & one could see a bull run in the counter.
* On a daily chart, the stock has given breakout of its Falling Wedge formation, which is bullish reversal pattern which indicates a northward journey.
* Moreover, the stock has been continuously sustaining above its 21 & 50 Days Moving Averages which show strength for a upside.
* A daily momentum indicator RSI reading is at 62.90 level with a positive crossover, apart from this, the RSI has been trending with its upper rising trend line which points out for a positive breath in the counter.
* Based on the above technical parameters, we are expecting an upside movement in the stock in few trading sessions.
Buy Federal Bank Ltd @ 85.30-85.80 Stoploss 82.00 Target 93.50
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