Triangle Pattern and Positive breakout on Daily candle.
Also retested the level and bounced upwards. Long position can be initiated based upon the price action.
PS: I am not a SEBI registered financial or investment advisor, It's just my analysis which i am posting.
HDFCLIFE - descending triangle / pennant
Breakout alert ahead.
Self explanatory chart.
For educational purpose only. I am not a sebi registered expert. Trade at your own risk. Feel free to text & Share your views.
As per Ichimoku study it has completed its pullback post the breakout within a rising channel which suggest a probable rally till 575 provided it does not go below 495.
There has been single side move on weekly timeframe since Apr 2019. Now expecting correct to happen at least till 38% (530) or 50% (494) Fibonacci levels, that would be good buying opportunity.
But not sure it would come to that level or not.
On weekly chart it is closed below 50 EMA
