Stood solid but its not showing weakness
HDFC Bank CMP 1690
In this entire period of brutal massacre this stock stood as a rock. I just dug a bit deeper here and found that the stock is now preparing to correct.
At channel resistance the RSI could only reach the bear zone and now it is also below its averages. Mind u this is the monthly chart and hence we need to give it the due respect.
Fib - on the weekly chart on the right the stock cannot rally beyond the 50 %, that's weakness. The composite and the RSI are absolutely positioned below their averages and are preparing for a fall.
Conclusion - to me this stock will correct minimum to 1380 which is the channel support as well as the Fib support. This is a good 22% from the current levels.
In this entire period of brutal massacre this stock stood as a rock. I just dug a bit deeper here and found that the stock is now preparing to correct.
At channel resistance the RSI could only reach the bear zone and now it is also below its averages. Mind u this is the monthly chart and hence we need to give it the due respect.
Fib - on the weekly chart on the right the stock cannot rally beyond the 50 %, that's weakness. The composite and the RSI are absolutely positioned below their averages and are preparing for a fall.
Conclusion - to me this stock will correct minimum to 1380 which is the channel support as well as the Fib support. This is a good 22% from the current levels.
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Disclaimer
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.