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vt_trader

HDFC Life Double Bottom RSI Divergence

Long
HDFC LIFE INSURANC (NSE:HDFCLIFE)  
vt_trader  
NSE:HDFCLIFE   HDFC LIFE INSURANC
Trend Analysis Harmonic Patterns Chart Patterns HDFCLIFE HDFC HDFCBANK SBILIFE Double Bottom rsi_divergence niftytrend BANKNIFTY swingtrading
20
5
trendanalysis harmonicpatterns chartpattern hdfclife hdfc hdfcbank sbilife doublebottom rsi_divergence niftytrend banknifty swingtrading
Price has formed a double pattern on daily chart. while the RSI is making higher lows which is clear sign of RSI Bullish Divergence. We can take long trade.

Entry
We can go long on open of next candle.

Target
Target 1 will be the nearest resistance zone which will be also the neckline of W pattern as marked on chart.
Target 2 will be next next resistance zone after the neckline of W pattern is broken as marked on chart.

Stoploss
We can keep stoploss below the double bottom support zone.

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