INVERSE HEAD & SHOULDER BREAKOUT IN HDFC LIFE
HDFC LIFE A GOOD BUY?
HDFC LIFE Insurance had broken out of the the Inverse Head & Shoulders neckline on 17th Nov 2020. Refer to the image above to see the breakout and re-test of the neckline.
The prices had broken out and have already re-tested the neckline, now is the best chance to enter into the trade and BUY, take advantage of the price action. As we know the Target for the Head & Shoulders is the difference between the Neckline and the Peak. However, to be on the safe side I have taken the distance between the smaller peak and the neckline. Refer to the image below to see the targets & smaller peak.
Remember to enter only above the last day's high which is at 650. So you can BUY above 650 You can also have a trailing stop loss to have multiple entry & exit points. The 1st Major target is around 765 price level & the 2nd Major target is around 800 price level.
Happy Trading & Investing, let me know if you liked the analysis and please give your feedback to help me publish ideas better.
HDFC LIFE Insurance had broken out of the the Inverse Head & Shoulders neckline on 17th Nov 2020. Refer to the image above to see the breakout and re-test of the neckline.
The prices had broken out and have already re-tested the neckline, now is the best chance to enter into the trade and BUY, take advantage of the price action. As we know the Target for the Head & Shoulders is the difference between the Neckline and the Peak. However, to be on the safe side I have taken the distance between the smaller peak and the neckline. Refer to the image below to see the targets & smaller peak.
Remember to enter only above the last day's high which is at 650. So you can BUY above 650 You can also have a trailing stop loss to have multiple entry & exit points. The 1st Major target is around 765 price level & the 2nd Major target is around 800 price level.
Happy Trading & Investing, let me know if you liked the analysis and please give your feedback to help me publish ideas better.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.