#HDFCBANK Trading @Supply zone and BO will give good rally
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EXPLANATION : This is a 1 hour time frame chart of HDFCBANK . It has formed Evening Star Doji Pattern , It signal a more bearish trend than the evening star pattern because of Doji that has appeared between the two bodies .
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We can count waves using traditional patterns like Head and shoulders, Double Top and Bottom,
Triangle, cup & handle, etc. This article is about how you can count waves by identifying chart patterns.
I have covered Three chart patterns in this article,
2) Head and shoulders
3) Double Top and Bottom
1) Head and shoulders...
Another Typical price pattern getting ready for sharp move on the upside.
Price Retraced from All time High, Retracement is 18.5% from top approximately.
As of now price is forming Higher-High structure on Weekly chart's & now Broken Out of Triangular pattern decisively.
Price movement will be sharper once we closed above All time high on Daily...
I have been experimenting with pairs trading for quite some time now. I can see there is island gap reversal in kotakbank/Hdfcbank ratio chart. I don't know whether it is going to work but it will be interesting to see how it unfolds from here.
The trade you are supposed to take is Short Hdfc Bank Futures & Long Kotak Bank Futures.
NIFTY 50 EOD ANALYSIS -21-09-21
O / H / L / C
17450.5 / 17578.35 / 17326.1 / 17562
H-L = 252 points
VIX 16.52 / -5.55%
FII DII: Not available till 1950h Is more likely to be moderately positive.
SGX NIFTY at 1940h - 17536 -25points
Likely open: Flat to mild positive.
CHART BASED CONCLUSIONS - 15 Minutes Chart
A gap-up opening failed to...
HDFC Bank was down for a sizeable amount of time. Post RBI allowing HDFC to restart CC offerings to customers , there is a good movement in HDFC Bank.
Recently it has broken the resistance level highlighted in orange and then profit booking was obvious......current levels are crucial for a swing trade with good risk to reward ....i believe in case HDFC Bank turns...