It is been observed many times that indications on charts are cunfusing as in this chart trend line breached so trend is negative but price is stil above crucial resistance (now it is support).
What should one do if he has to take a decision.
1) Take this buy trade
2) Avoid this trade
3) Play the trade in reverse
Stock has been supported multiple times from the same zone making the zone weaker.
If breaches 660 then can go short.
For swing wait for hourly candle close below 660.
P.S. If taking for swing then do with proper Risk to Reward only since its a very volatile stock and ideally not suited for swing
Use Bollinger Bands as an indicator in Tradingview.
Buy at the lower band and sell at the upper band.
This makes trading easy.
This is our new recommendation also "HDFC Life"
You can buy it NOW and sell it at the upper band.
*NOTE: ITS BAND CAN VARY ON TRADING DAYS.*
See on the charts it gives breakout on 13th April above 670 after the range bound.
Same is happen can tomorrow after so many days range bound Hdfc Life is near to Breakout.
And tomorrow HDFC LIFE will also declare their Quarter Results so keep eyes on it.
Stock is forming Ascending Triangle on higher TFs. Keep in radar for next few days (can trigger anytime in next few days)
Intraday : Buy above 711 for target of 720 in intraday SL 704
Swing : Buy if 1 hour candle closes above 711 then can target 740 to 750 levels, SL will be lower Trendline
Consider shoring the stock if breaches Trendline and gives closing below...
This analysis is been done on 15 minutes TF. CMP 696 INR
A long position could be taken if 700 INR is crossed.
Once 700 INR is sustained the target is 710 / 721 INR, a resistance zone.
If the above resistance is taken out on upside then targets could be 729 / 734 / 744 INR
If the stock breaks down from the resistance zone, then it could take support at 714 INR...