"DHFL Looking to scale new highs ?" by trader sudhansrini — published 2016-08-30

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DEWAN HOUSING FIN (NSE:DHFL)

NSE:DHFL DEWAN HOUSING FIN

DHFL on weekly and daily charts has broken a two year range. Volumes are good on a daily chart . Looks set for new highs going fwd .

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It will be consider as a bullish Wave breakout only if it manages to close above 285 levels at the week end. The price action has already completed Zig Zag correction pattern prior to this up move and I believe it shall close above 285 levels at the weekend. Good Analysis, keep it up. Regards.

NeeteshJain

Thx and good to have confirmation with Elliot wave theory. Is it right to say that it is now in 3rd progressive wave ? Also todays price action indicated all profit booking is complete and the counter managed to bounce back after testing 285 breakout levels

sudhansrini

As per the monthly chart, it confirmed a positive breakout with long green candlestick that indicates strength and bullishness. Now, It is true to say that there is high pressure of buyers in price action which is taking prices up.

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