The piercing candle, developed on the weekly time frame, depicts support.
While on the Daily time frame, the candle is at downward resistance. It is likely to give a breakout.
Looking at the price structure it is expected to remain range bound for this month 17400 to 18300 range.
Pattern formation - Piercing
Divergence are positive.
1:1 target is 15786.15. Nifty high was At 15793.95 and closed at 15764.
On the charts there are following gaps:-
1. 15927.45 - 16191.45
2. 16324.70 - 16481.80
3. 16487.25 - 16563.65
4. 17414.70 - 17463.10
So on the basis of these gaps and if this bullish pattern continues we may see first target of...
SGX NIFTY formed piercing pattern at the bottom.
Also MACD positive divergence are forming. We may see positive opening tomorrow.
SL is mentioned in chart.
Short Video Outlook on HDFC
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22nd Jan 2022
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4th July 2021 - HDFC - WaveTalks -Pattern /Patience & Penultimate Correction which was Wave 4 Triangle....
What Is a Piercing Pattern?
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A piercing pattern is a two candlestick price pattern that marks a potential short-term reversal from a downward trend to an upward trend. This candlestick pattern is applicable in any time frame but produces better results on a higher timeframe. The pattern includes the first session...
HDFC AMC have formed a piercing pattern on 75 minutes time frame, which converts downtrend into uptrend. The stock gave confirmation after breaking 2439 and closed above it. Also, there is huge gap of approx 100 points which the stock might try to fill. Stock can rise up to at least by Rs.100 from current levels. Lets see how it goes on Monday.
