HDFC is moving in an up_channel since 6 months, now its back on the channel edge.
Lets see what it does this time. Either Break out of the channel or make another leg up retesting the lifetime highs again.
Targets : 1467-1398, Sell : Below 1520 Stoploss : 1600 Duration : 3-4 weeks
The gradual upmove of the last 4-5 months seems to have completed, as the stock price has started to show weakness from the highs during this week.
Initial evidence of a beginning of declines is visible in terms of downside breakout of “Double Top Pattern” ...
Double Top can be has been seen in HDFC around 1424 ( as it opened gap up with hight volume )
in case it consolidate between 1400 & 1424 then also there is a possibility of breaking up side
Cause : RSI in monthly , Weekly and Daily is above 60
Stop can be : last Week's Low 1361
It has been observed in daily chart of NSE:HDFC that its rejecting 1410-1415 Range. Consider hitting of multiple tops in this range without breakout shows some possible correction. one can take this as a chance for possible short position with a target below 1365. CMP is 1401.
Be very cautious over 1325-1330 as it may breakout previous tops.
HDFC Weekly is nearly all time High if continue further uptrend
can test retracement 2.618. Otherwise, will test the Low Levels.
The information is for educational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any security which may be referenced by me. The information provided through my charts are for...
Sorry, I didn't post this chart earlier, and you missed the breakout from consolidation area.
Now you can look for breakout from daily trendline, targeting next resistance.
Great risk reward ratio, as we exit below the trendline.
CMP - 1329
Target - 1410
Enter = Low of candle above trendline
SL = High of candle below trendline.
Follow or star...
The stock is having good frequency around Pitchfork and trend line. One can enter long here or on dips with stop loss of 1210 on closing basis for a target of 1315/1345. I know it is making lower low and lower high clearly in downtrend but trading a pull back expectation. It may achieve target fast in coming days. Divergence are also supporting the idea even if it...