Breakout and retest done from an important zone.
Also, there is an inverse Head and shoulders pattern formed before breakout.
It is very good to long at these levels with SL 590
and targets can be aimed at 700, 800 and so on.
Multiple Confluences as per chart:
1 About the break the supply zone of 5 years as shown in chart that started oct 2018
2 Very Good Accumulation happened in the levels between 50 to 130
3 About to break the trendline of 4 years that started oct 2019 as shown in chart
4 Forming a perfect Cup and Handle bullish pattern
start accumulating and more conviction is...
Very good Cup and Handle pattern formation on weekly chart.
Target is big as per the Cup formation shown in the chart.
SL Can be near the Breakout level of the pattern and target is the depth as shown.
HDFC Bank is consolidating near the zone marked in the chart.
This zone or resistance is tested multiple times and hence it gives a good conviction if it breaks this zone.
Once it crosses this zone, there is a gap that will be taken out and good up move can be seen.
Keep SL below this zone and sit tight for a long journey as shown by an arrow marked in the chart.
Stock is consolidating for 3 months after a good up move.
If we connect a major downtrend swing as shown in chart, we get Fibonacci 61.8 percent around 372.5
Also, there is a trendline at this level from Feb 22.
So, if it crosses this level, we can see a very good up move.