Descending Parallel Channel in HDFCAMC

Jun 7, 2021

Trying my luck in setting targets and SL for swings.

Notes:

• HDFCAMC has been in a descending channel since the start of this year.
  
• This is the 3rd testing of the top channel and the candles are yet to show a clear rejection with a string shadow which would mean a bullish breakout is still an option.
  
• If it does break, I guess a retesting of the top as a support would be done near the 3120 levels which would be a good entry.
  * SL could be placed at 3000 level quite conservatively (which would be around 3.8% from the entry).
  * First target could be 3260 (4.5% from entry - Slightly more than 1 RR) and final target at 3365 (7.8% from entry - almost 2 RR).

Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.

Jun 9, 2021

Trade active

Still waiting for the entry.

Jun 13, 2021

Trade active

Closed pretty decently above the channel. Currently in Accumulation zone..

Jun 14, 2021

Note

As bullish as it gets in a bearish candle (14th June) and closing above the descending channel wall.

Should break the mini-channel consolidation soon to start the move up.

Jun 15, 2021

Note

Still taking the top of the channel as a support zone (which is favorable) although the candle itself is not good.

Really hoping for a close above 3100.

Jun 17, 2021

Trade closed manually

SL Hit.