HDFC: Play the trend!

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HDFC is definite uptrend channel . Pure price action suggests decent trade available for 5/7 or a profitable swing trade for this month's futures contract. But observe Ichimoku .

1. Chikou (Lagging Indicator/Light green line) is well clear of price and upward pointing. Bullish
2. Kijun Sen (Red line) is a very strong support. Price seems to have rebounded. (Candle formation for 4/7 is terrific with gap open)
3. Kumho clouds are still green for future periods with senkou span A above senkou span B

Therefore intraday traders can take a safe trade with targets of 1654 (tgt1) and 1665 (tgt2). Keep stops at 1628

Swing traders can enter and look for targets in regions between 1690 and 1720 with stops at 1610. This could take place in 3-5 sessions also.
Comment: Early news flow negative. Dont go ahead with intraday. Lets play this on a swing trade!
Trade active: Bulls held on yesterday using the kijun sen (red) line as support (its a very strong support line). Fundamentally strong, HDFC is on the upmove this series
Trade closed: target reached: Wow. Needed the entire July series but reached near 1690 levels!
Comment: Stellar, 1740 levels
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