HDFC BANK (873.70)
BREAKOUT OR CONSOLIDATION...
(click on the charts for better view)
This stock is back to test the all time high of 898, when it registered on May 08, and thereafter the stock retraced upto 620 level in june 14. Now its on the track to retest its 898 level. Above the 898 breakout, i put my target will be 1004-1037-1069. For me if it begin to consolidate at this level, then it might try to trade within the Resistence line of 898 and the Trendline - 2, i mean trades within the 898 and 825 band. Or even it can make the low of 791 for the Consloidation. Even i feel it might struggle to cross the level of 898 just bcoz 896 is the 161.8% fibo of 819 and 693.10. When it cross the 898 level then the first major hurdle comes at 942 is the 161.8% fibo of 819-620. If it breaks the Trendline 2 , then it creates the Ascending Triangle formation. Where it takes some time to cross the 898 mark. The clear picture i can give u is that it on the way to create the Triangle formation, in case if it fails to cross above the 898 level. The support comes at 855-840/835.
BREAKOUT OR CONSOLIDATION...
(click on the charts for better view)
This stock is back to test the all time high of 898, when it registered on May 08, and thereafter the stock retraced upto 620 level in june 14. Now its on the track to retest its 898 level. Above the 898 breakout, i put my target will be 1004-1037-1069. For me if it begin to consolidate at this level, then it might try to trade within the Resistence line of 898 and the Trendline - 2, i mean trades within the 898 and 825 band. Or even it can make the low of 791 for the Consloidation. Even i feel it might struggle to cross the level of 898 just bcoz 896 is the 161.8% fibo of 819 and 693.10. When it cross the 898 level then the first major hurdle comes at 942 is the 161.8% fibo of 819-620. If it breaks the Trendline 2 , then it creates the Ascending Triangle formation. Where it takes some time to cross the 898 mark. The clear picture i can give u is that it on the way to create the Triangle formation, in case if it fails to cross above the 898 level. The support comes at 855-840/835.
posted by Naveen Pantera at 9:09 PM
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