It seems to me that HDFC Life is forming a massive inverted head and shoulders pattern, with the right shoulder just completed at Rs. 560 and a breakout from the downward sloping line (details in chart). Neckline and shoulders also pretty well enclosed in a parallel channel.. Only thing that doesn't seem to be tying up is the lack of volume spurt at the trendline...
For educational purpose only... not an investment reco.
Trade at your own risk or after consulting an advisor.
I am not a SEBI registered investment analyst or advisor
Its my first analysis and post so views / critics welcome!!
Reliance Industries: A case of multiple tops formed over many days around the 1600 area? Today's fall also comes on the back of a retest of the highs yesterday. RSI declining from >70 levels and comes on the back of lower volumes too. Move from 23 March lows seems to be a channeled one. Break and close...
