0A7I trade ideas
hdfcbank trade set upwe can see both the upper and lower trendline has multiple support and resistance. And this week closing is above upper resistance trendline. And the tricky part is it has taken resistance exactly at AB= CD point which is indicating a consolidation might take place further. In that scenario monday opening must be below 1472 and price must remain below the trendline for at least the first hour which will confirm a trend reversal from AB = CD point which is 1595 and thus 1600 becoming the stoploss in short position.
On the contrary, if opening is above previous day close and price remains above 1576 for at least half an hour then long position to be taken keeping a stoploss at 1569 and the target should be 1595, and 1623.
HDFC BANK as on 02.09.2021SYMMETRICAL TRIANGLE PATTERN FORMED!!
Breakout Done!!
Kind of retesting done!!
AND ON THE WAY TO FIRST TARGET!!
TARGET=1641/1645
AND IF MOVED UP THEN WILL HIT MAIN TARGET!!
MAIN TARGET=1803
Stop loss=1468/1458
(The above analysis is only for study purpose do not take it as any buy or sell call!!)
Breakout of triangleHDFC BO'd out of triangle some days ago..HDFC is a heavy weight, moves SLOWLY, and has more potential for upside. it is not only the leader in private banking sector, but it is numero uno in middle market banking, leader in payments business ( it has issued 3.21 crore debit cards and 1.4 crore credit cards), leader in auto loans segment etc ...enough said..targets marked. Think long term. This is an idea, not a recommendation.
Just a pointer - RISK REWARD ratio is paramount when putting your hard earned money. if risk is high and reward potential low just move on to another stock. 1:2 or 1:3 is a reasonably decent risk reward ratio...if it is 1:4 or 5 that is even better.