Look at how fibo level is respected beautifully so far.. small support around 380 , its currently in resistance zone around 395-400.
Since November , i sense delivery based buying which entice me to see next share holding pattern !
Elliott says wave 2 is deep as folks say old trend is still there and there is another shorting opp but the stock does not break the previous low but retraces 78.6 %.
There are three possibilities. 1. The scrip will immediately move above 387, to close above 4/1 angle. Next target will be 414. 2. It will visit 363 and move up, there by forming a double bottom in the chart, progressive resistance levels will be 387 and 414. 3. It will consolidate, gradually drift to 347 and then will make an attempt to move up from there.
Hdfc at a key resistance level ,
reversal / breakout expected .
High chances of going down with bearish divergence . But short only after a good red candle close .
HDFC Life has been consolidating in the range of 450 on the lower side & 480 on the upper side for last one month. But the Friday move above 485 gave the stock a strong weekly close. Also if we take a look at the weekly chart, we can see that the stock has taken support 21 week MA. So it looks like the stock can go towards channel resistance around 580 in coming ...
In weekly/daily, price just bounced from ascending channel support.
Also price broke out of falling wedge with good volume, also price closed above upper BB.
sl - 450, tgt1 - 545, tgt2 - 580
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NSE:HDFCLIFE
