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 weeks.
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
