saikrishna7838

FIVE CONFORMATIONS SETUP ON HDFC LIFE !!!

NSE:HDFCLIFE   HDFC LIFE INSURANC
Here is my 2 cents on HDFC LIFE as why I am very bullish on the stock
1. Inverse Head and Shoulders pattern on daily and weekly time frame.
2.Decending Triangular pattern on upside, signifying continuation of major trend i.e., uptrend.
3.100 day Moving Average support.
4.3rd time taking support on the trend line .
5.Stock taking support 3rd time at 0.236 Fibonacci retracement levels ( considered as healthy retracement on an uptrend).

Personal view : Very bullish , Positional view. (ps: safe players can go long after 600 levels).
Timeframe used : Daily.
Target : 640-650 or trailing SL.
Disclaimer : These are just my personal observations, Please do your own research or consult an advisor before doing any investment or trading.

Comments

volume is not supporting H&S ideas. Agree with descending traiangle idea. Prices may break downside.
+9 Reply
Though you have given analysis based on H&S on which many have raised doubts, but your targets are acheivable, because other points are valid. 600 is coming, no doubt about it. Congratulations in advance. Inspired from you, have also made analysis on this stock based on action reaction lines. If you like I can share it with you.
+6 Reply
Half knowledge. Inverse hand and shoulder pattern should be after a downtrend to complete the logic of reversal.
+5 Reply
NINJA369x rupesh0806126
@rupesh0806126, If inverse H&S made after uptrend then it's a sign of contunation!
Reply
@NINJA369x, from Edward and Magee?
Reply
Very strong resistance at 648 level. Already got rejection from that level thrice in past, now also it is approaching that level but volume not supporting up trend. If 648 broken with good volumes, will consider as a break out and the previous up trend may continue further. But I will be on short side as descending triangle in an up trend shows weakness. But even that can be confirmed if volumes commit. Good tug off war between bulls & bears, let's wait and watch
+1 Reply
At 570 there is decision candle with large candle 2nd Dec 2019 and again decision candle on 1st Oct 2020 but multiple times touching support level means it becomes weak level. 550 can be entry level, stop loss 540, first target 640. others please correct me. just attempt to add my very minimal understanding compared to others here, will gain with others inputs
+1 Reply
Good spotting!
+1 Reply
LETS SEE
DESCENDING TANGLE BREAKOUT OR BREAKDOWN
THEN WILL TAKE POSITION
Reply
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