Federal Bank Elliott Wave Analysis

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 Federal bank daily chart

Federal bank hourly chart

In the above daily chart, Federal Bank is moving in a sideways to positive direction and it is also moving in a rising channel formation which clearly indicates that the trend is firmly positive. However, RSI is relieving from the overbought terrain

In the hourly chart, as far as prices persist in rising channel formation the bias continues to be positive for this banking stock. However, the positive momentum seems to take a breather which can make price move a bit sideways. There is a strong support at 51 which I think will not be broken and prices then can move up and even cross its previous high.

From Waves perspective, Prices are moving in a rising wedge or ending diagonal pattern, here it has completed wave i and wave ii is ongoing. It will start wave iii up followed by wave iv and wave v which will be the termination point, thereby completing wave c at one higher degree.

The summation is Federal Bank has a strong support at 51 levels and will continue to soar till 64-66 levels over medium term.

 

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