HDFC LIfe on a Bullish reversal.. Volume Price AnalysisAn example of how we can use Volume as a secondary confirmation to Price action.
Arrows point out to the Volume analysis of the underlying price action
1) Big Red Bar and the 1st arrow signals Smart Money' loading up their warehouse signaling start of a consolidation sideways..
2) 2nd arrow points out the anomaly the large Seller volume is not reflected in the underlying price movement depicting sellers exhaustion and inability to take the market further down
3) There is one more retest of the low with one big Red candle but the low of 657 didnt break.
4) 1st Bull move on 2nd June with Buy VOlume accompanied by equal big move in price is seen on 2nd June. Signaling smart money has completed the purchase and now ready to trigger the big move up.
5) Break out happens on 8th June with above average volume and decent candle spread
6) Low volume test on 14th June confirming the Buyers can now take this up.
7) 15th June - Move up starts.
My Position - Took entry on completion of Test at 682.
Using FIbbo for my Exits with
Target1 - Partial offload at 1.33 Fib level at 774 and
Target2 - Remaining at 1.618 level - 889.5
HDFCLIFE trade ideas
HDFC LIFE INSURANCE, A New Entrant In My Longterm Portfolio.HDFC LIFE INSURANCE has seen a decent correction from its all time high prices. Currently its hovering over its 200 day EMA. A bounce back is in the works.
The company has seen increasing sales over quarters, plus we can see increased institutional buying. Its outperforming benchmark indexes plus sectoral indexes. The company is surely on my watchlist and im adding on each corrections.
HDFC LIFE : Pullback tradeThe stock looks great, we could see a trendline breakout with a decisive candle with good volume.
Though the stock did not see a good momentum movement post-breakout.
Now if it sustains 660 levels, chances are that it might be moving towards 720 initially and then towards 750 levels.
Trade type: Positional