DLF bottomed out on May 22 as indicated by the high volume long-tailed green candle, but price needs to travel beyond a key hurdle before bear could be pronounced as dead.
The share price is stuck inside a falling wedge and only a daily close above Rs. 212 would confirm a bull breakout and open doors to Rs. 226 (April 30 high) and Rs. 242 (rising trendline hurdle).
However, the bearish crossover between the 5-day MA and 10-day MA calls for caution. Also, the tide could turn in favor of a drop to Rs. 188 (wedge support) if DLF finds acceptance below Rs. 200.
For now, I prefer to trade from the short side below $200.
Longs could be initiated if prices break above Rs. 208. In this case, the bulls could attack falling wedge resistance located at Rs. 212
The share price is stuck inside a falling wedge and only a daily close above Rs. 212 would confirm a bull breakout and open doors to Rs. 226 (April 30 high) and Rs. 242 (rising trendline hurdle).
However, the bearish crossover between the 5-day MA and 10-day MA calls for caution. Also, the tide could turn in favor of a drop to Rs. 188 (wedge support) if DLF finds acceptance below Rs. 200.
For now, I prefer to trade from the short side below $200.
Longs could be initiated if prices break above Rs. 208. In this case, the bulls could attack falling wedge resistance located at Rs. 212