HDB/N trade ideas
HDFCBANK-Double TOP Forms @ATH ??HDFCBANK is at its All time High. again Reversed from ATH.
bullishness is continue or Reversal May Happen.
A strong selling pressure is observed at 1700 level ,look at the reaction at 1680 levels to go upside or downside.
if acts as Support price is moving upwards otherwise downwards. keep an eye at these levels.
HDFCBANK-Continue Upside or Reversal.HDFCBANK is at its All time High.
bullishness is continue or Reversal May Happen.
A strong selling pressure is observed at 1700 level ,look at the reaction at 1680 levels to go upside or downside.
if acts as resistance more fall is going to observe. keep an eye at these levels.
HDFC BANKHello and welcome to this analysis
From COVID lows in this weekly time frame its appears to be in its terminal 5th wave.
After making an expanding diagonal (horn) in a sideways corrective its now set for an attempt for a new high which could see a medium term top formation in it.
As per Elliott Wave after 5 up waves a stock goes into a corrective, since this is weekly (3 years of rally) the next correction can be deep in terms of both price and time.
We might see a lot of positive news being announced over the next few weeks as it advances into new territory, which is the norm when a stock appears to be concluding its entire wave structure.
An ultra bullish count would suggest stock sustaining above 1800 else this path is likely to be correct.
Short term trading bullish
Medium term exit on rally
HDFC BANK : UP Trend Continue..!5 Steps Analysis of HDFC BANK
1. On Daily TF we can see that the stock was consolidated from Nov.2022 & make base for up move.
2. On Daily YF we can see the stock has made CUP Pattern formation with High Volume which Indicates further up move.
3. Momentum Showing Strong Strength on Daily, Weekly & Monthly Basis.
4. Successfully gave closing above 20DMA from last 4 Days with High Volatility.
5. Stock Maintain 1650 level and gave closing above 1650 at tomorrow then further Up side move can see at 1705 levels.
#HDFCBANK#HDFCBANK, That 1700-1730 level acting as an Important Resistance. HDFC Bank also tried to cross 1650 level multiples in past 6 month and failed in all the attempt.
This long consolidation in HDFC Bank looking like it can Breakdown to below level i.e 1480 level which is POC of last 2 year where it may find some Demand. Break below 1540 in coming week can print 1480 level.
HDFC BANK AT CRUCIAL LEVEL !!!#HDFCBANK ( W TF)
👉 The stock is taking Resistance from weekly supply zone And also Consolidating near the Resistance zone & The support is at 1575.✅
👉Weekly Close below the 1575 will lead the fall to the 1500/1450/1380( i.e Next Demand Zone) in next coming trading sessions.
👉Add to your radar✅