HDFC Bank has breakout today with good amount of candle size and volume too.
Applied Concepts
Chart P. - Inverted H&S
Positive Order Block from Daily Time Frame and Previous OB of Monthly TF as shown in chart. Only OB is not a good option so here we have applied FVG (Fair Value Gap) also, Price Action has successfully reversed from FVG and gave confirmation for potential upside movement.
Targets 1st Target as per Chart P. is 1555 Rs. and Further upside Target as per OB and FVG is 1700+.
Thank You! Have a Good Day.
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Taking Support on H&S Neckline today.
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Monthly Closing in HDFC Bank is Showing Bullish Piercing Candle, it is considered as Strong bullish sign for HDFC Bank. Next Strong support is 1422 Rs.
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T1 Achieved!! BTW, Thanks for Boosting this idea.
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1480 to 1470 Good Support Zone for HDFC Bank, Furthermore BN is also showing Bullish Continues Divergence.
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As I mentioned in previous comments, 1480 to 1470 were good supports and today HDFC BANK reversed from 1480 RS and
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Expecting good movement in coming days, T2 is pending.
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Gaupp at 1528 Rs right above Resistance line in Daily TF, If it sustains above gap, it will be Strong bullish sign for HDFC BANK & Bank Nifty too.
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Back on levels that previously worked as a support. Let's see how it moves in next few days.
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Seems like HDFC Touched Bottom today and reacting from breakout level support.