HDFC Bank: Approaching Long term topNSE: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.
HDFC
An Analysis : Awaiting Breakout in HDFCBANKHDFCBANK 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 Breakout, Hop on and ride whichever side it breaksout.
Check your risks also and plan well before taking positions.
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