HDFCBANK short at key 1.62% Fib ext. Note it seems to b forming a bearish 3pdh pattern
HDFC long term trend resis still valid! 3 Peak and Dome?
HDFC hits resistance line Bearish Megaphone sold at 1156 yeterday
As per the weekly chart, the trend seems down and it reflects on daily chart too. It has made double top and then retraced back to 1089 levels and now it is ready for the correction wave C. one can wait for correction to 1071 for confirmation to short this stock for the target of 989.
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...
..trying to get rid of recent sell-off in the Western Markets! Price stopped nicely on the YTD support trend-line and 100day Ma (both on good volume) RSI also oversold (not that important to me.. but just to mention) a 1st conservative Target and then (if price could break "recent" triple-top test) go for a mid-term 2nd Tg.