Inclined Channel in HDFC

Jun 6, 2021

Notes:

• NSE:HDFChas been in an inclined channel since the first week of May
  
• It is now at a critical resistance 2583-2640 (Almost a 2% zone)
• Last time the level was tested, it resulted in a strong rejection candle (March 31st and 29th April)
  
• The latest candle (almost a marubozo ) shows more confidence for a bullish break.
  

Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.

Jun 8, 2021

Note

Looking like the channel is broken. Retesting the channel wall right now.

Jun 9, 2021

Trade closed manually

Need to wait for the next opportunity.

Jun 16, 2021

Note

Seems to be a descending channel now. Will check out the chart in detail and add a new idea for the same