8 months consolidation breaking out positively.
Stock started in uptrend making higher highs &lows. Buy whenever there is breakout of the previous day high on greater volume than previous day.
A bullish breakout above 413 with MACD supporting. Targets are 470/480 zone within 6 months
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 %.
Even this quarter results were good.
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.
385-395 is an accumulation zone or buying zone for HDFCLIFE with a target of 420+ Its RSI is in over sold zone and it is around 16.
HDFCLIFE has been bouncing off the Neckline a few times . Currently Testing it again, awaiting a Breakout/ reversal.
All levels mentioned in chart. Any suggestions welcome.
HDFCLIFE has overlapping demand zones as shown in the charts. Buy at 442 with a stop loss at 412. Initial target will be at 500. Note: As the zone is huge one can buy 50% at 442 and 50% at 427. Long term investors can accumulate some quantity at the demand zone.
Should close above 453.50 today. Support (3/1) is at 404.
....Entry / Exit / SL / TSL mentioned on Chart. Education purpose Only.
Expecting a bounce back frm Support @ 463
HDFCLIFE has been respecting the trendline for a few months. Currently testing it again. Awaiting a breakdown/Reversal