HDFCBank [EW] [bearish Divergence] [Tgt1 1070]

HDFC Bank appears to have completed the EW Impulse Structure. Wave 5 has probably made a top at 1125. The momentum has slowed considerably during the previous week. The volume trend has also diverged from the last leg of the rally. It is highly likely that it'll consolidate / retrace with profit booking, until Q1 Earnings release on July 19th

From May low of 825, it made an intermediate high at 1050, then retraced 50% down to 935

It has since rallied to 1125, expect a retracement down to 1070, 1038 where there are short term support levels. Stoploss would be just above the recent high at 1130

This is just my 2 cents on the stock. Please trade with caution, and at your own risk

Happy Trading!
Comment: Target 1 achieved :D

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.