For the past four and a half years, the stock has been consolidating. The stock is clearly in the 5th wave. We now need to ascertain our current position within the fifth wave.
It made several unsuccessful attempts to surpass the psychological threshold of 1700. The most recent attempt (wave AB) was unsuccessful once more. The way it plummeted to point C after that was really intriguing; it exactly matched wave C's personality. Thus, assuming the preceding analysis is accurate, minor wave 3 of major wave 5 has begun.
Trading Strategy- Positional trades: buy on dips with a stop loss below 1350. We may aim for the target at 2200.
Notice: This analysis is meant only as a teaching tool. Please speak with your financial advisor before making any decisions on investments. I will not be responsible for any loss incurred
It made several unsuccessful attempts to surpass the psychological threshold of 1700. The most recent attempt (wave AB) was unsuccessful once more. The way it plummeted to point C after that was really intriguing; it exactly matched wave C's personality. Thus, assuming the preceding analysis is accurate, minor wave 3 of major wave 5 has begun.
Trading Strategy- Positional trades: buy on dips with a stop loss below 1350. We may aim for the target at 2200.
Notice: This analysis is meant only as a teaching tool. Please speak with your financial advisor before making any decisions on investments. I will not be responsible for any loss incurred
Comment:
As per our analysis, HDFC Bank has begun to move. In just two days, it has moved 5%, indicating the wave 3 characteristics. Perhaps in this third wave, it will make new all-time high