# HDFCBANK ON THE EDGE OF A POTENTIAL BREAK OUT
HDFCBANK one of the largest constituents of the market index is at the edge of a potential big breakout if it works out.
There is a rounding pattern formed and it already has cleared the previous 1641 resistance and is at all time high but just need
a green candle close above for confirmation. The Fibonacci extension levels indicates 1800 levels possible even if 50% FIB levels are met.
The trend indicators ADX is DMI + bull zones and strength of it seen rising on all timeframes short/medium/long.
The price momentum also is clearly bullish all around.However put tight stops below neckline of the breakout zone below entry candle.
If this breaks out really you could image where nifty /bank nifty could get to.
There is a rounding pattern formed and it already has cleared the previous 1641 resistance and is at all time high but just need
a green candle close above for confirmation. The Fibonacci extension levels indicates 1800 levels possible even if 50% FIB levels are met.
The trend indicators ADX is DMI + bull zones and strength of it seen rising on all timeframes short/medium/long.
The price momentum also is clearly bullish all around.However put tight stops below neckline of the breakout zone below entry candle.
If this breaks out really you could image where nifty /bank nifty could get to.
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