Federal Bank: CYPHER Pattern on Daily Chart
The analysis is only for educational purpose.
CYPHER Pattern Rules
Point D is also where prices are expected to reverse
RSI also supports the weakness in price.
Target : Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg
Ideally Stops losses are placed a below or above the high or low of point X.
T1 = Rs 84.5 can be achieved.
CYPHER Pattern Rules
- Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA Condition satisfied
- Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension level Condition satisfied
- Point D is formed when it retraces 0.782 Fibonacci level of XC -close to .782 Condition satisfied
Point D is also where prices are expected to reverse
RSI also supports the weakness in price.
Target : Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg
Ideally Stops losses are placed a below or above the high or low of point X.
T1 = Rs 84.5 can be achieved.
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Feragatname
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