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HDFC Bank Limited

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HDB trade ideas

HDFC Bank: Black Swan Pattern & Trendline SupportIn this analysis, we will delve into the chart of HDFC Bank on a daily time frame and examine key indicators and patterns to provide insights into the stock's current situation. Notably, we will explore the presence of a potential black swan harmonic pattern, trendline support, RSI trendline support, and the stock's current RSI reading. Black Swan Harmonic Pattern: The black swan harmonic pattern (in red color) is a specific pattern based on Fibonacci ratios that traders use to identify potential price reversals or trend continuations. It is important to clarify that the term "black swan" in this context refers to the name of the harmonic pattern and is not related to the concept of unforeseen events. The black swan harmonic pattern is characterized by specific Fibonacci retracement and extension levels and can indicate potential turning points in the price of a security. There is a presence of Gartley in blue color. Trendline Support: On the chart of HDFC Bank, we observe a robust trendline support. Trendlines, drawn by connecting significant lows or highs, often act as areas of support or resistance. The presence of reliable trendline support suggests that the stock has historically found buying interest at these levels, potentially providing a cushion against future price declines. RSI Trendline Support and Reading: The Relative Strength Index (RSI) is a widely used momentum indicator that measures the speed and change of price movements. In the case of HDFC Bank, the RSI exhibits a supportive trendline, indicating consistent buying interest that helps maintain the stock's momentum. Additionally, with the daily RSI hovering around 41, it suggests that the stock is neither oversold nor overbought, leaving room for potential further price movement. Trade Setup: Based on the analysis of the chart and the potential black swan harmonic pattern, a possible trade setup could be as follows: Entry: 1603 Target 1: 1641 Target 2: 1690 Stop Loss: 1575 Conclusion: In conclusion, the detailed analysis of HDFC Bank's chart on a daily time frame reveals several notable aspects. The presence of a potential black swan harmonic pattern, combined with trendline support and RSI trendline support, suggests a unique trading opportunity. It is important to clarify that the term "black swan" in this context refers to the name of the harmonic pattern and is not related to unforeseen events. Traders should use this pattern along with other technical and fundamental analysis tools and implement proper risk management strategies to make informed trading decisions.
NSE:HDFCBANKLong
by yaashul
HDFC Bank in correction mode, wait for the right moment to shortHDFC Bank has started the correction, we are about to complete the first leg of correction, however what we gonna see next is a sharp X wave towards up and then another leg of correction. I haven't marked all the details on the chart, since I use other charting software where I have marked step by step details on each wave count and how we reached there. For now wait for the wave X to be completed and then let the next leg of correction kicks off, where you will have the opportunity to short. As far as the targets towards downward movement is considered I see first target as 1470 if the wave Y turns out to be traingle, if Wave Y turns out to be Zig-zag then expect further downfall to 1470. Good Luck! If you are interested in learning Elliott waves contact me at 8wavestosucessatherategmaildotcom. Planning to start my first batch of Technical Analysis using Elliottwaves soon. Regards Sachin
NSE:HDFCBANKShort
by swapsachin
1