HDFC Bank reversed from a Bearish Harmonic Bat and now has activated a Bearish C Clamp as per Ichimoku study. It faces resistance at 1210 and it could retrace till 1130/1080 provided it does not breach above 1240 Harmonic Trading Patterns are formations based on Fibonacci Ratios which indicate reversal of a trend with retracement levels of 38-50-62% of the trend line. Ichimoku is a Japanese origin study of charts based on specific Moving Averages combined together to give a trend based signal in terms of both Price and Time.
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HDFC Bank - Bearish Harmonic Cypher in hourly time frame