[Premium] Trade Of The Week

October 18, 2022

The stock that has made its way to the ToW post this time around is from Bank Nifty. Slowly but surely, more and more constituents are moving higher and breaking out of big bases. Let's take a look at one such name.

Federal Bank had to struggle around the resistance zone of 106 in July this year, before it broke out. But the price has had another breakout that will be more significant, going forward.
In the week gone by, price broke out above the all-time high of 127.65. We're also looking at a massive 6-year base breakout! With this move, and the RSI firmly placed in bullish momentum territory, it may be time for this bank to shine!
We are bullish above the risk management level of 127, with a target near 185.

Click on the chart to zoom in.