HDFCBANK Monthly TF Analysis
Hello Investors and traders. Hope you are doing great and learning .
This is my view on the HDFCBANK for the upcoming months / years .
Its facing resistance at 1700 levels . It tried to breach the resistance level but ended up taking support around 1500 & 1600 .
For the past one year its giving a good uptrend , taking support around the trendline .
Taking the previous year high and low as anchor points , I plotted a parallel channel and projected it upwards . A break in the resistance levels with good volumes can give you a target of 1945 . The trading volumes are high and is similar to the COVID - Stage levels .
My view is bullish . Be cautious as it is trading near to the trend line and a small sell off might break the trend line causing the setup to invalidate .
Trade what you see not what you feel .
This is just view based on current market trend and pure analysis purpose .
Please consult with your financial advisor before you deploy any real money for trading .
This is my view on the HDFCBANK for the upcoming months / years .
Its facing resistance at 1700 levels . It tried to breach the resistance level but ended up taking support around 1500 & 1600 .
For the past one year its giving a good uptrend , taking support around the trendline .
Taking the previous year high and low as anchor points , I plotted a parallel channel and projected it upwards . A break in the resistance levels with good volumes can give you a target of 1945 . The trading volumes are high and is similar to the COVID - Stage levels .
My view is bullish . Be cautious as it is trading near to the trend line and a small sell off might break the trend line causing the setup to invalidate .
Trade what you see not what you feel .
This is just view based on current market trend and pure analysis purpose .
Please consult with your financial advisor before you deploy any real money for trading .
Note
It tried to reach the 1200 levels , but failed and reversed back from 1350 price range . If there is a strong close on or above 1800 levels we can expect a good momentum on the upside and might hit the target levels mentioned in the chart.
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