the_consolidation_guy

Descending Parallel Channel in HDFCAMC

Long
NSE:HDFCAMC   HDFC ASSET MANAGEM
Trying my luck in setting targets and SL for swings.

Notes:

  • NSE: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.
Trade active: Still waiting for the entry.
Trade active: Closed pretty decently above the channel. Currently in Accumulation zone..
Comment: 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.
Comment: 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.
Trade closed manually: SL Hit.
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