HDFC BANK LTDUpdated HDFCBANK Monthly TF Analysis
Hello Investors and traders. Hope you are doing great and learning .
This is my view on the HDFCBANK for the upcoming months / years .
Its facing resistance at 1700 levels . It tried to breach the resistance level but ended up taking support around 1500 & 1600 .
For the past one year its giving a good uptrend , taking support around the trendline .
Taking the previous year high and low as anchor points , I plotted a parallel channel and projected it upwards . A break in the resistance levels with good volumes can give you a target of 1945 . The trading volumes are high and is similar to the COVID - Stage levels .
My view is bullish . Be cautious as it is trading near to the trend line and a small sell off might break the trend line causing the setup to invalidate .
Trade what you see not what you feel .
This is just view based on current market trend and pure analysis purpose .
Please consult with your financial advisor before you deploy any real money for trading .
This is my view on the HDFCBANK for the upcoming months / years .
Its facing resistance at 1700 levels . It tried to breach the resistance level but ended up taking support around 1500 & 1600 .
For the past one year its giving a good uptrend , taking support around the trendline .
Taking the previous year high and low as anchor points , I plotted a parallel channel and projected it upwards . A break in the resistance levels with good volumes can give you a target of 1945 . The trading volumes are high and is similar to the COVID - Stage levels .
My view is bullish . Be cautious as it is trading near to the trend line and a small sell off might break the trend line causing the setup to invalidate .
Trade what you see not what you feel .
This is just view based on current market trend and pure analysis purpose .
Please consult with your financial advisor before you deploy any real money for trading .
Note
It tried to reach the 1200 levels , but failed and reversed back from 1350 price range . If there is a strong close on or above 1800 levels we can expect a good momentum on the upside and might hit the target levels mentioned in the chart.Trade active
Its a yearly breakout . Might give a good push from here .
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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.