Hopefully we see $35 on this one. This company will likely be an absolute monster in the future.
On Hourly chart, the price action is ranging in an ascending triangle. With the last big red candlestick it shows weakness and indicates bearishness.
NSE:HDFCBANK The impulse that started in early February is nearing completion. We are already seeing signs of RSI divergence on daily charts. More importantly, it is also completing 5 wave cycle, as seen on this weekly chart. Most likely scenario is that we will see a final spike to 1260-80 zone followed by an extended downturn.
HDFCBANK is forming a perfect descending triangle pattern over last 3-4 months and desperately need a breakout from the pattern. Descending triangles can breakout any side so lets wait till the breakout happens and it became more valid with 3 touches on flatline. Keep HDFCBANK in your list to look out for shorterm and if it gives ample opportunity to enter after...
IN RECENT PRICE ACTION IN HDFC, THERE'S A ROUNDING TOP WITH VOLUME INDICATION.
EW wave - wave 4 developing coinciding with Nifty ( minor wave 5 completing ) : Time to book profits !!