HDFC has made a successful breakout-retest-continuation pattern out of its consolidation zone on the daily time frame. The is heading toward the next resistance zone of 3140 which is a dual Fibonacci level.
It is the 1.618 Fibonacci level of the pre-Covid high-low on the 1D time frame. It is also the 4.236 Fibonacci level on the long-term Weekly chart. We are bullish on HDFC with 3140 as target.
It is the 1.618 Fibonacci level of the pre-Covid high-low on the 1D time frame. It is also the 4.236 Fibonacci level on the long-term Weekly chart. We are bullish on HDFC with 3140 as target.
Trade closed: stop reached:
As the stock closed below support line at 2800, the SL was hit.