shaleenbansal

HDFCBANK looking weak (for swing trade)

Short
NSE:HDFCBANK   HDFC BANK
On break of the rising wedge , the stock can give smooth down move.

There are confluence of factors favoring the downside.
1. Upper trend-line of the channel
2. Bearish Engulfing on Day chart
3. At the lower support of wedge trend line .

I am looking at downside of 3%-5% from here on. 1300 is strong support.
SL: 1435 on Dec Futures contract.

SL can be moved just above the lower trend line of the wedge if you short after breaking down.
Trade active
Trade active: Increased short quantity with SL at 1470
Trade active: Aggressive shorting leading to fat gains with 3% move in favor. Still in the trade.
Trade closed: target reached

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