HDFC BANK LTDLong
HDFCBank retesting the range- Best Buying zone
https://in.tradingview.com/chart/kKZJ24VO/
Daily timeframe tells us it brokeout from the range and moved all the way to previous high/sell zone/liquidity. It is retesting back to the breakout area which also has order block (11th sep candle).
From Price action, breakout is usually followed by retest confirming the bullish trend by forming new higher low.
If it reverses from the from this zone/yellow line then it is most likely to form a new higher high.
Caution: The selling momentum in the last week has been strong and hence, substantial buying pressure from institutions is needed to halt and reverse the direction. If the momentum continues and breaks the bottom of the range, then the range will act as resistance and bearish change of charaacter will be established.
Daily timeframe tells us it brokeout from the range and moved all the way to previous high/sell zone/liquidity. It is retesting back to the breakout area which also has order block (11th sep candle).
From Price action, breakout is usually followed by retest confirming the bullish trend by forming new higher low.
If it reverses from the from this zone/yellow line then it is most likely to form a new higher high.
Caution: The selling momentum in the last week has been strong and hence, substantial buying pressure from institutions is needed to halt and reverse the direction. If the momentum continues and breaks the bottom of the range, then the range will act as resistance and bearish change of charaacter will be established.
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