HDFC LIFE, Bullish, Kindly do your own studyThis stock is ready for breakout.
Price has takien resistance of trendline.
All EMAS PCO
Volume is good
Monthly strong price action and price has challenged upper bollinger band
Monthly MACD pco and above zero line
Monthly RSI is near 60
Weekly price has challenged Upper bollinger band
Weekly MACD uptick and above zero line
Weekly RSI is above 60
Weekly Stochastic PCO from oversold zone
HDFCLIFE trade ideas
Hdfc Life Long Hdfc life share one hour chart analysis . this stock start upside impulse wave .
Wave 1,2 or 3 upside complete this stock .
Current time this wave 4 downside or sideways correction
Wave 1 complete hdfc life upside Wave 2 retracment 38% to Wave 1 .
Wave 4 maximum correction down side 62 % and again price move upside break wave 5th high
HDFC LIFE will take care
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A new 40% wave towards 900 in HDFC LIFEHDFC LIFE INSURANCE COMPANY rallied up from 457.8 to 690.85 in a wave 1 structure beginning in march 2023 ending in July.2023.
However from July the stock got into a wave 2 correction and seems to have ended the very same in Oct. end.
The stock ended the wave 2 correction(technically a "flat" according to Elliot wave theory) at a very crucial support/resistance zone of 600 that is relevant since May.2022.
Coming to the very recent price action of the stock, the stock traded in a very narrow range for 7 days(613-626)between 1st Nov. till 9th Nov. and is now looking to break out of this range.(Generally referred to as NR7 breakout.)
The 600 level has worked as a very good support for the stock and therefore SL can be placed below it at 595-597 to try and catch the new upcoming wave that can give 40% returns going forward into 2024.
Note*- kindly try to understand the business model and key fundamentals of a company before making any investing decisions.
HDFC life $HDFCLIFE.NSE
CMP: 622.70
1. M Patten breakout
2. Big bar candle
If stock price trendline candle day closing And retest than see bearish movement !
These are swing idea's which you can add your watchlist and analysis for yourself.
Keep on radar.
This content for only education purpose!
I am not SEBI Register.
HDFC Life Insurance Company LtdHDFC Life Insurance Company is engaged in carrying on the business of life insurance. The Company offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products.
Company is almost debt free.
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 29.0%
IT HAS FORMED COMPLEX REVERSE HEAD NAD SHOULDER PATTERN.
ITS SHOWN BREAK OUT AND FIRST RED ARROW POINTING UPAWARDS.
SECOND RED ARROW SHOWING ENTRY LEVEL
CURRENT PRICE-634
TARGET PRICE-771
we can expect min 21% return