Abcdchartpattern
HDFC Bullish RejectionThe weekly chart of HDFC is exhibiting rejection of the bulls for the last five weeks. This can also be seen in the rising wedge which is forming on the Daily chart.
Further, this type of price action is also forming at the completion of 61.8 AB=CD harmonic pattern.
The thesis is bearish with target of point B of the harmonic pattern at 2507.
XABCD PATTERN BUY : 152 TO 123
TARGET : 274
Reason For Buying This Script :
In this stock it has broken the double bottom neck line. Once price close above 274 and the next target up to 396.
Note :
Above given levels are based on monthly & weekly time frame . So be patience it will take some months to achieve the target.
ALL THE BEST ..
CANARA BANKHello and welcome to this analysis
Like all PSU Banks saw a very good 2021 in terms of price performance thereafter in 2022 it went into a correction mode in line with market trend. The structure of the fall as can be seen in the chart is of a slanting channel currently.
If it manages to break above 235 then 244 is the 1st line of resistance, above that 255 is where it has not one (Bearish ABCD) but two (Bearish Alt Shark) have a PRZ. The trend might see a pullback/consolidation there. Once it manages to break that resistance then above 295 it has a doubler breakout target waiting in the weekly time frame.
On the other hand, if it respects the slanting channel resistance then breaking below 219 it could retest 210-190-170
Invest wisely!