HDFC Bank (Hourly)
Chart Pattern - Inverted Head & Shoulders
Target - 1610 (Depth of the head)
Seems to have retested the neckline after the breakout
Has entered the 3rd wave in hourly and 5th wave in daily
RSI is above 60 and the stochastic 14,3,3 is in positive crossover
Bollinger band is challenged on the upper end
+DI is above the -DI in Directional Movement Index (DMI) with ADX above 15
All indicators / oscillators are positive in hourly and daily time frame
On weekly timeframe, thought the MACD is downtick but we have an early buy signal of stochastic 5,3,3 being in positive crossover
Chart Pattern - Inverted Head & Shoulders
Target - 1610 (Depth of the head)
Seems to have retested the neckline after the breakout
Has entered the 3rd wave in hourly and 5th wave in daily
RSI is above 60 and the stochastic 14,3,3 is in positive crossover
Bollinger band is challenged on the upper end
+DI is above the -DI in Directional Movement Index (DMI) with ADX above 15
All indicators / oscillators are positive in hourly and daily time frame
On weekly timeframe, thought the MACD is downtick but we have an early buy signal of stochastic 5,3,3 being in positive crossover