HDFC LIFE INSURANCE - Swing and IntradayStock 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
HDFCLIFE
HDFC life is an opportunity or a trapeNSE:HDFCLIFE
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
What.??
HDFC LIFE - Swing and IntradayStock 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 it in 1 hour TF - Target 670
P.S - Its a very volatile stock so keep RR in mind
HDFCLIFEThis 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 or 726 INR
Please note that this analysis is based on my own study and experience in the market and it is strictly for educational purpose with no profit motive, hence please consult your financial advisor before you take any position, I will not be held for any losses.
Thank you
Happy Trading.
HDFC Life: Cup and Handle FormationHDFC life has created a cup and handle pattern on hourly chart and ready to see 800 levels now.
All levels are mentioned on the chart.
Early Entry: CMP
Best Entry: Just wait for a breakout above 724 levels and retest.
Safe entry: 700 levels.
DISC: This is for educational purposes. Please consult your financial advisor before making any bet.