Observations::
------->> It is in a down trend, price is going down after a consolidation stage.
------->> Look for buy we have a strong up move detected in the zone 2635.
keep watch this level for be on the buy side, wait for confirmation before going to buy.
Consolidation + down side = Up move may possible.
keep track this level.
Since hdfc closed above the previous high
And also retested above the previous high
Possibility for filling the gap is very high
And OI data indicates strong resistance at only 2800
Till 2800, there will be a strong rally.
Fib 0.6 coincides with the IO data
Closed above Fib 0.3 and retested
NSE:HDFCBANK
H&S pattern
Gives us a target of ₹1940
Entry at bottom of right shoulder
Entry point i.e. Green box: ₹16000
Gains: 20%
Entry at the break out of H&S pattern
Entry point: ₹1760
Gains: 10%
Duration: 3-4 months
*Not a financial advice.
My charts speaks louder than words.
I'm a chartist and I paint charts.
On the chart we can see a rising wedge.
We are looking for the price reach the upsloping resistance to enter short.
Then we expect the price will go down to retest the support line.
Invalidation of this thesis would be if the price breaks above the upsloping resistance line.
Just filled the previous gap and now approaching long term resistance...
lets c if it breaks and sustains...
Happy trading...
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NSE:HDFC
One Can Enter Now ! Or Wait for Retest of the Trendline (BO) Or wait For better R:R ratio
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss,...
HDFC life stock make a decending Triangle pattern in uptrend (major trend down).
You can add this stock in your swing stock watchlist.
if stock breakout the pattern then for long if breakdown the lvel then for short
Always do your own analysis first.......
#HDFC tried to cross 2600-2700 levels multiple times in past 2 year but failed to do so and back to Pre-Covid level again. 2700 level turned out to be Important Resistance and VAH of 2021. Break below 2500 we might see some support around 2430-2450 below this it can turned to be more Bearish.
Expiry Plan for Tomm
Too much levels to show, thus I removed the 2 other possibility of how market can open. Putting the most likely event of GAP UP opening tomm, i see that the trend can be upside with quick fall back within the #blackline range for #banknifty
OI data is avoidd
Short Opportunity in HDFCBANK over negative sentiment in BANKNIFTY.
1. High possibility to revert to 200 EMA to take support. (Mean reversion)
2. Breaking down below the 21 Period EMA
3. Negative trending RSI
4. Negative MFI trend
5. Negative sentiment in banks
HDFCBANK - Elliott Wave Theory.
The price seemed to have made a corrective pattern which suggests another bearish wave. Invalid level remains at the previous high.
NSE:HDFC
One can enter Tomorrow, SL CAN be Low of Pervious Day candle.
If we have a Gap up do not take a trade, wait for your Price.
RR is critical.
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK...
It is at one year resistance zone it should go touch resistance zone and go back down but since the budget session is in few days, you cannot be sure.
If budget is positive then it might cross but if it falls taking a short trade here.
