HDFCBANK HOURLY GANN LEVELS CHART RESULT DAY TRADE 16/01/2024
HDFCBANK will announce its results today on 16/01/2024. How to trade it today. Before trading it we need to analysis with our Gann Retracement method to know its vibrations.
Hourly chart show the growth cycle start from 04 Dec 2023 on cross of 3.000 marked on chart at 1579.50. Momentum was to be seen above 1614.55 on chart. We tested this level 3 times on hourly chart giving us ample time to enter this stock. Target was 1649.55 on chart where profit booking was expected as per Gann Rules.
After hitting first target we came for the third time to 1614.55 which was the final chance to enter this stock on 13 Dec 2023 9 am candle. Target of this move was 1672.00 and 1684.60. This target was achieved on 21 Dec 2023 at 15 pm candle. So again profit booking was expected here.
The profit booking was short with small range on downside seen on chart which showed strength of the scrip for further move higher. This move target was 1719.65 after cross of 1684.60 on chart. It was a momentum move where we reached the 50% of the range target advocated by W. D. Gann, God Bless His Soul for giving this single rule which works in all wakes of Life.
From here we can see the reverse move happening on this scrip. Target down was 1672.00 and 1684.60 which was achieved on 04 Jan 9 am candle. 05 Jan 2024 was a last ditch effort by the scrip to move higher but if fell miserably and breached the 1672.00 support earlier after oscillating between 1672.00 and 1684.60 for the last time.
Below this the target was 1649.55 which was achieved three times recently as seen on chart.
We saw a decent bounce to 1672.00 and 1684.60 yeaterday on gap up move of Bank Nifty Index which was contributed by this scrip.
How to trade now is the million dollar question today ???
To trade you need to watch 1672.00 and 1684.60 levels for further clues if they breached on upper side or lower side.
I have explained the move in details. Its your duty to study the scrip and trade as per levels provided here.
Happy Trading !!!
N.B. Not an Trading advice. Use your discretion. With all usual disclaimers aplpicable to this platform's reach.
Hourly chart show the growth cycle start from 04 Dec 2023 on cross of 3.000 marked on chart at 1579.50. Momentum was to be seen above 1614.55 on chart. We tested this level 3 times on hourly chart giving us ample time to enter this stock. Target was 1649.55 on chart where profit booking was expected as per Gann Rules.
After hitting first target we came for the third time to 1614.55 which was the final chance to enter this stock on 13 Dec 2023 9 am candle. Target of this move was 1672.00 and 1684.60. This target was achieved on 21 Dec 2023 at 15 pm candle. So again profit booking was expected here.
The profit booking was short with small range on downside seen on chart which showed strength of the scrip for further move higher. This move target was 1719.65 after cross of 1684.60 on chart. It was a momentum move where we reached the 50% of the range target advocated by W. D. Gann, God Bless His Soul for giving this single rule which works in all wakes of Life.
From here we can see the reverse move happening on this scrip. Target down was 1672.00 and 1684.60 which was achieved on 04 Jan 9 am candle. 05 Jan 2024 was a last ditch effort by the scrip to move higher but if fell miserably and breached the 1672.00 support earlier after oscillating between 1672.00 and 1684.60 for the last time.
Below this the target was 1649.55 which was achieved three times recently as seen on chart.
We saw a decent bounce to 1672.00 and 1684.60 yeaterday on gap up move of Bank Nifty Index which was contributed by this scrip.
How to trade now is the million dollar question today ???
To trade you need to watch 1672.00 and 1684.60 levels for further clues if they breached on upper side or lower side.
I have explained the move in details. Its your duty to study the scrip and trade as per levels provided here.
Happy Trading !!!
N.B. Not an Trading advice. Use your discretion. With all usual disclaimers aplpicable to this platform's reach.
Comment:
1661 was midpoint of the levels on downside between 1649 and 1672 on chart....
Happy Trading !!!