Long Term Resistance broken and holding Support + EMA Bounce642 region was a long term resistance for HDFCLife. It was first touched in October 2019 and later tested twice, but couldn't breakthrough. On 17th November the region was broken with a long green candle and the region now acts as a Support.
Also, the EMA bounce concept supports a long entry. The price had entered the region between 10 & 30 EMA and now has come above 10 EMA. Hope to ride the stock along with the EMA.
HDFCLIFE trade ideas
HDFClife - Approaching Trendline Support + Gap FillingHDFClife is one of the bullish stock which have printed new ATH after the Pandemic sell off.
It Made a ATH of 688 after breaking previous all time high of 645-650 which was a strong resistance.
Since then the stock have corrected 50 rs and now trading at 635.
As per my analysis the stock should have not closed under 645 but there is a gap at 630 which it needs to fill.
So, in next couple of days, it may fill the gap and will also approach trendline support at 628-630.
I would look for long entry around 630 or with a stop loss of 615 on closing basis.
Targets are 645 and then new ATH.
HDFC Life - Intraday Trade SetupHDFC Life CMP - 646.80
Looking bearish in higher time frame. One can go for Intraday Trade setup with the following entry, exit & targets
Sell at or Below 643 Only / Stop Loss - 651
Target 1 - 640
Target 2 - 637
Target 3 - 635 / 632
Disclaimer: This is my view and for educational purpose only.
HDFCLIFE - Bearish H&S Pattern - Intraday/Very Short TermThis analysis is purely based on price action and Chart Patterns.
The analysis is on 15min TF hence target can be achieved in intraday trade or in couple of days
Trade strategy is explained in image itself. Don't chase the price.
Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade.
Trade at your own risk and money management. Do your own study before taking any trade
Feel free to comment for any queries & suggestion