pratiktech

Inverted Pennant Patter in HDFC Bank, Waiting for breakout

Short
NSE:HDFCBANK   HDFC BANK
As to my earlier view, we saw same pattern in Nifty . Similar to that is taking place in HDFC Bank as of now.

HDFC Bank prices have corrected about 200 points from recent high's. Prices had taken support of ascending trend line around 1840. Since then prices are moving in range bound between 1936 - 1912. By drawing a trend line we can see that prices are forming an Inverted Pennant Pattern yet the breakout is still awaited.

Breakout on lower side could take prices to fall again the pole size of first move which comes around 200 points. e.i If prices are giving negative breakout from 1850, then we can see HDFC Bank falling 200 points from 1850 where we can expect it to fall till 1650.

However, If the prices are breaking on the higher side, the current pattern will not work hence need to wait for some other Pattern or Study.

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