HDFC is lossing momentum and I see a gap which probably will get filled soon. Also the smart money is getting out as we can see it from OBV. So look for a bearish candlestick attern to take short entry. First target will be 0.2 fibb support level.
Short term trend of HDFC is bullish, The top line of the parallel channel will act as an immediate support, if the price breaks it, then it can retrace to 1950 levels otherwise the first target will be at 2000 and second at 2010. SL should be below the upper channel level
FOLLOWING ARE THE OBSERVATIONS IN HDFC.
1. THE DOWNMOVE FROM 2050 SEEMS TO BE AN IMPULSE WHICH SHOULD BE WAVE A.
2. IF THAT IS THE CASE, WAVE B SHOULD NOT RETRACE MORE THAN 61.8% OF WAVE A, WHICH GIVES THE MAXIMUM PRICE TO BE 1900
3. THE C WAVE IN ABC UPMOVE IN A SMALLER TIMEFRAME, WHICH IS A PART OF THE BIGGER B WAVE SEEMS TO BE MAKING AN ENDING DIAGONAL, WHICH...