Everyone is talking about the breaching of 200 DMA. But please don't hate it, rather try to find a opportunity. Let's try to look at it from a different dimension.
- It is not the first time it would reach its 200 DMA.
- There is a trendline since 2018 where it has tested the trendline and 200 DMA at the same time, it breaks the 200 DMA at times but comes back more aggressively.
- Moreover currently HDFC BANK is forming a pattern in between descending triangle & Pennant , which is nothing but a bullish continuation pattern.
The chart explains it all, Please have a look.
Chart & Analysis - ADARSH DEY
- It is not the first time it would reach its 200 DMA.
- There is a trendline since 2018 where it has tested the trendline and 200 DMA at the same time, it breaks the 200 DMA at times but comes back more aggressively.
- Moreover currently HDFC BANK is forming a pattern in between descending triangle & Pennant , which is nothing but a bullish continuation pattern.
The chart explains it all, Please have a look.
Chart & Analysis - ADARSH DEY
Note
Note
According to the above short term chart , one can close the trade at CMP 1509Note
1519.75 HIGH. Missed the target by just 25 Paisa. I am thankful to HDFC BANK for respecting my short term study.Note
Updated Chart of the previous short term chart posted above , the reason why HDFC BANK took a resistance at 1560 Level.
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Related publications
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.