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the_consolidation_guy

Inclined Channel in HDFC

Long
the_consolidation_guy Updated   
NSE:HDFC   None
Trend Analysis Chart Patterns Parallel Channel HDFC chart inclinedchannel
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trendanalysis chartpattern parallelchannel hdfc chart inclinedchannel
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.
Comment:
Looking like the channel is broken. Retesting the channel wall right now.
Trade closed manually:
Need to wait for the next opportunity.
Comment:
Seems to be a descending channel now. Will check out the chart in detail and add a new idea for the same
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