HDFCLIfe is trading below 55 DMA for the first time after May this Year.
4hour Chart printing Head and shoulder pattern with 565 being the neckline.
If Price breaksdown the neckline then the H&S Target is 525.
Expecting a retrace down to 0.618 fib level after multiple bull and bear trap wicks. should be a great buy for positional traders around 390-420 ranges (highlighted in green). More importantly for this pattern to workout, need a W close below previous candle.
"Discipline is the main key to success, Strictly enter and exit on levels"
as this is facing strong resistance and gave 'dark cloud cover' on daily.
one can short at 445 with sl of 460 for target of
412 partly book at 435- 420 lets see
Hello Traders,
initial assessment of HDFC Life Insurence.
After going public HDFC Life has risen to 548.25. This move look correctiv, and after completing it, a decline which shows a „five-down“ took place. This move is not finished.
Note the alternation in EW-terms between wave 2 and 4. As wave 2 went sharp and quick, wave 4 took the shape of a sideways move and...
Observed a small head and shoulders pattern and moving towards its strong support of 356.
We may expect a minor pull back up to 380 and may retest the same.
