HDFC Bank in PARALLEL TREND LINE & Trangle
Looks bearish below 1370 with stronger support @ 1360 below that @ 1340
Looks Bullish above 1420 with targets 1465, 1500, 1560
Parallelslopedlines
Explanation about how parallel channel work:Stock first Chance the trend with heavy volume and then price has consolidate in a horizontal parallel channel.
A horizontal channel is formed by two parallel horizontal lines that frame the evolution of the price.
The upper line is called the "resistance line".
The lower line is called the "support line".
A horizontal channel is confirmed/valid if it has good oscillation between the two parallel horizontal lines.
The stock has break its channel with heavy volume and now forming a new channel.
