HBL is most probably in a corrective wave down which has started after a strong impulse wave up. Currently the market is in wave A of the corrective pattern downwards.
As a good practice one should always look into an alternate wave count, my alternate count
suggests that we are in a bigger WXYXZ corrective wave upwards and currently are in wave Y
which is almost complete and suggest price to move upwards.
My preferred wave count is ABC pattern down with a target price range around 122, We will
enter long positions around that range OR We will enter long positions once price break above blue resistance line of wave Y
Also in addition to our ABC wave count down a Double Top pattern has emerged, double top pattern has a high pullback percentage therefore anyone who wants to short sell the stock should wait for the price to break below the last swing low.
Remember volume is the key indicator here if the price does break the last swing low.
Let see how this plays, Good Luck !
Disclaimer: This is for informational purposes only; anyone taking trades using this idea will be liable for their own profit or loss.
As a good practice one should always look into an alternate wave count, my alternate count
suggests that we are in a bigger WXYXZ corrective wave upwards and currently are in wave Y
which is almost complete and suggest price to move upwards.
My preferred wave count is ABC pattern down with a target price range around 122, We will
enter long positions around that range OR We will enter long positions once price break above blue resistance line of wave Y
Also in addition to our ABC wave count down a Double Top pattern has emerged, double top pattern has a high pullback percentage therefore anyone who wants to short sell the stock should wait for the price to break below the last swing low.
Remember volume is the key indicator here if the price does break the last swing low.
Let see how this plays, Good Luck !
Disclaimer: This is for informational purposes only; anyone taking trades using this idea will be liable for their own profit or loss.
Note
Currently HBL is at a point of indecision where neither bears nor bulls have stepped in yet. Bulls need to break above the yellow trendline to ensure confidence whereas Bears need to break below the blue support with conviction to end long term bullish trend. Note
Good morning everyone, hope you had a great weekend :)On the weekly chart prices have closed below the red support line, however the volume is still not there. Most probably prices will break below in a couple of days if not today, alternately if bears fail to break through the support line prices will start to rise up again but upside has little potential.
We will try to find buy opportunities if price reach our target area of 122.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.