In this setup, I have clearly explained how powerful RSI divergence is but sometimes they don't work is some kind of stocks.
In my own opinion, I think HDFC Follows RSI Divaregance & this move fill be a successful move.
Observation
Price Action
-> In the last 5 days narrow range candle has been formed. (Contraction of volatility) -> Positive price channel formation. -> RSI Shows good strength & supports price now. (Signifies that price is strong & no major trend reversal) -> MACD is still below zero but it's still indicating a bullish move. -> Rs 1860 should be the First target as per Fibonacci. /
Last three days Delivery %
21 April 2020: 59.86% 22 April 2020: 53.54% 23 April 2020: 46.19%
Option Chain ( Expiry 30 April 2020)
1700: Highest OI on Call side. 1600: Highest OI on Put side.
Comment
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Today HDFC rallied up to 7.75%
Comment
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Another 7% Rally
37% Delivery looks a bit speculative. Partial profit booking should be done.
Stock analysis done on basis of technicals followed by delivery trend and option chain analysis has more conviction than just plain technicals. Kindly ad volume too. Hats off to you
abhishek_sh4
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@jigs2001, Thanks, man!! I dint show volumes intentionally as I wanted to show RSI divergence properly.