🚀 Breakout Alert!
IDBI Bank has finally broken out of a multi-year resistance zone that was acting as a strong supply area since 2010. The breakout is supported by significant volume, indicating strong institutional participation.
🟩 Structure Highlights:
Price has broken above the long-term horizontal resistance trendline (marked in grey).
Monthly candle shows solid strength despite some profit booking from ₹105 levels.
Volume spike suggests buyer confidence.
📈 Potential Upside Targets:
Target 1: ₹140 (≈36.67%)
Target 2: ₹185 (≈81.57%)
Target 3: ₹250+ (≈149.35%) in the longer term, replicating past breakout moves.
📉 Support Zone: ₹88–95 (former resistance turned support). Any retest around this zone can offer good risk-reward entry.
📌 Conclusion:
This breakout marks the end of a decade-long consolidation. As long as the price holds above ₹88 on a monthly closing basis, the uptrend looks intact. Ideal for positional swing traders and long-term investors watching for multi-bagger potential.
IDBI Bank has finally broken out of a multi-year resistance zone that was acting as a strong supply area since 2010. The breakout is supported by significant volume, indicating strong institutional participation.
🟩 Structure Highlights:
Price has broken above the long-term horizontal resistance trendline (marked in grey).
Monthly candle shows solid strength despite some profit booking from ₹105 levels.
Volume spike suggests buyer confidence.
📈 Potential Upside Targets:
Target 1: ₹140 (≈36.67%)
Target 2: ₹185 (≈81.57%)
Target 3: ₹250+ (≈149.35%) in the longer term, replicating past breakout moves.
📉 Support Zone: ₹88–95 (former resistance turned support). Any retest around this zone can offer good risk-reward entry.
📌 Conclusion:
This breakout marks the end of a decade-long consolidation. As long as the price holds above ₹88 on a monthly closing basis, the uptrend looks intact. Ideal for positional swing traders and long-term investors watching for multi-bagger potential.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.