IDFC First Bank Hidden Buillish Divergence on Daily timeframe

٢٦ مارس ٢٠٢١

IDFC First bank made higher lows on the daily chart as can be seen with the fractals, but on the RSI we can see lower lows for the corresponding events which indicates hidden bullish divergence. This is a strong indicator of trend continuation. Buy can be initiated on dips with SL below 56, the most recent swing low. If it breaches this low, the idea will be invalidated. Target can be 128% extension of the current down move from high of 68 to 56.