HDFC - PULLBACK STRUCTURE

Dec 11, 2020

NSE:HDFC

• DAY CHART
• UPTREND IN PLAY,HIGHER HIGH FORMTION IS CLEARLY VISIBLE
  
  
• POINT (1),WIDE RANGE BULLISH CANDLES WITH GUD VOLUME WHEN PRICE MOVES HIGHER
  
  
• POINT (2),THERE ARE FEW WIDE RANGE BEARISH CANDLE ON PULL BACKS BUT DID NOT SUSTAIN
  
  
• POINT (0),FORMED A NEW HIGH AFTER WHICH PRICE STARTED TO CONSOLIDATE
  
  
• POINT (A),IS THE LOW POINT OF THE RANGE WHICH IS THE CURRENT REF. POINT FOR PULLBACK STRUCTURE
  
  1 HOUR CHART
• POINT (A) REF. LOW FOR THE RANGE & (B) REF. TOP FOR THE RANGE
  
  
• POINT (#1)INITIALLY PRICE STARTED MOVING DOWN WITH WIDE RANGE BEARISH CANDLES INDICATING STRONG BEARISH SEMTIMENT
  
  
• POINT (#2) SELLERS BECAME WEAK WHICH CAN SEEN BY THE FORMATION OF HIGHER LOW FORMATION (POINT (0))
  
  
• ALSO PRICE TESTED POINT (B) FOUR TIMES BUT CANNOT GO BELOW PREVIOUS LOWS (POINT (0))
  
  
• POINT (*1) BULLISH WIDE RANGE CANDLE CAN BE CLEARLY VISIBLE
  
  
• LOOK FOR ENTRY EITHER AFTER BULLISH CONFIRMATION CANDLE NEAR POINT (E1) (50% & 61.8%) LEVELS OR AFTER BREAKOUT (E2)
  
  
• KEEP AN EYE ON VOLUME IN BOTH CASES