Hi Friends, Sharing weekly chart of Hdfc bank, as we can see that price sharing a support spot where both parallel channel and rising trendline adjoined, So two things can happen from here that price can break channel and rising trendline supports after we can see a downfall towards support below Or we can see a support bounce from here. I am sharing weekly chart one can use smaller timeframe for tracking this idea.
Levels Can Arrive Again-
Support Break- I measured channel height in which it consolidate is 9%, so we can see a 9% downside after support break coincidentally a horizontal support is also very well placed there. Good spot to cover short positions.
Support Bounce- After support bounce we can see again a 9% upmove from here and can reach again to the channel height and resistance sharing same spot. Good spot to unwind longs.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Levels Can Arrive Again-
Support Break- I measured channel height in which it consolidate is 9%, so we can see a 9% downside after support break coincidentally a horizontal support is also very well placed there. Good spot to cover short positions.
Support Bounce- After support bounce we can see again a 9% upmove from here and can reach again to the channel height and resistance sharing same spot. Good spot to unwind longs.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Comment:
AFTER TOO MANY UP UPHEAVAL THIS WEEK, PRICE TRY TO MAKE A BASE NEAR SUPPORT ZONE, GOT ONE BOUNCE MOVE ALSO ABOVE 1600+ AFTER PUBLICATION
Comment:
HDFC BANK
Highest day closing after idea publish and above resistance close too but i think i should wait for one more day close above resistance for considering it's a support bounce
As we can observe that price regularly bouncing from support area, and closed above resisatnce sharing resisatnces with published idea snapshot
Highest day closing after idea publish and above resistance close too but i think i should wait for one more day close above resistance for considering it's a support bounce
As we can observe that price regularly bouncing from support area, and closed above resisatnce sharing resisatnces with published idea snapshot
Comment:
Price bounced good from mention support still up 4% from weekly support area now trying to break gap area, if price will close above this gap area zone we can see fresh momentum buildup in it
Comment:
five percent moved out from mention support zones.
Trailing stoploss update- next update only after stoploss or upside target.
100 and 200 Ema also surpassed positive for price.
S/R levels
Trailing stoploss update- next update only after stoploss or upside target.
100 and 200 Ema also surpassed positive for price.
S/R levels
Trade closed manually:
Hi friends sharing a closure update for this Hdfc bank publication, So as i updated above that price reached 1640 levels after support bounce but did not complete that 9% move any of side mentioned in idea direction and after certain panic happned in market due to stock price broke support and down by 6-7% like it moved when it moved upward after support bounce. But now reaching to a certain levels from one of both which i added in description and not updating this idea under target tag only updating for a certain level arrived, will publish a new idea on it if i will find any trading opportunity for me in Hdfc bank. Thanks for reading and for great support to my publication mates.
Published Chart-:
Published idea snapshot for better understanding how it moved after publication, Chart readers can understand better and it worked well for us-:
Published Chart-:
Published idea snapshot for better understanding how it moved after publication, Chart readers can understand better and it worked well for us-:
DAILY CHART FOR RESISTANCES