FOLLOWING ARE THE OBSERVATIONS IN HDFC. 1. THE DOWNMOVE FROM 2050 SEEMS TO BE AN IMPULSE WHICH SHOULD BE WAVE A. 2. IF THAT IS THE CASE, WAVE B SHOULD NOT RETRACE MORE THAN 61.8% OF WAVE A, WHICH GIVES THE MAXIMUM PRICE TO BE 1900 3. THE C WAVE IN ABC UPMOVE IN A SMALLER TIMEFRAME, WHICH IS A PART OF THE BIGGER B WAVE SEEMS TO BE MAKING AN ENDING DIAGONAL, WHICH...
It took support from bottom line of falling wadge , looking bullish , macd and rsi confirm tthe same
HDFC seems to give breakout in coming days Target can be as per chart.
HDFC is showing a possible mild bounce back on the 5 and 15 Minute Chart, the bounce back can take the stock to near around 1965-70. Stop loss should be below 1840 as that's the previous bottom and breaking this decisively would mean another 10 rs break down on the least.
Hopefully we see $35 on this one. This company will likely be an absolute monster in the future.
On Hourly chart, the price action is ranging in an ascending triangle. With the last big red candlestick it shows weakness and indicates bearishness.
NSE:HDFCBANK The impulse that started in early February is nearing completion. We are already seeing signs of RSI divergence on daily charts. More importantly, it is also completing 5 wave cycle, as seen on this weekly chart. Most likely scenario is that we will see a final spike to 1260-80 zone followed by an extended downturn.
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...