Sunday, August 08, 2010
IDFC (#NSE IDFC) - Coming back to ice?
Aug 8, 2010: IDFC floated around in the creek between 140 and 180. It decisively jumped the creek around a month ago and made a new 24-month high. It’s coming back to ice and I’d like to see the volume drop off quite a bit. It seemed to shake out weak longs last week. I expect it to come down to ice at 176. The 38.2% fibonacci retracement is around 174 and will offer a good support. This is also a fantastic entry point, as I believe that IDFC is heading to the Jan 2008 highs of ~238. That would also complete a ABC type move from 140 – 230 (140-195 : 175-230).
Weekly Chart
by earlygains at Sunday, August 08, 2010 |
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