HDFC Bank had crossed a major resistance and was expected to breakout from there. However, it seems it has lost the momentum and now is prepared for a short correction.
- After crossing the resistance HDFC could not last high of 1448
- RSI is now just below 50 and is going down the Moving Average of RSI, in 30 minutes chart
- Volume is in decreasing trend after crossing the major resistance, in daily chart
- Now the formation of head and shoulder pattern looks imminent visible in 30 minutes chart. If the formation fails or doesn't happen, wait and watch.
T1 - 1418, T2 - 1397, Stop loss - 1435
- After crossing the resistance HDFC could not last high of 1448
- RSI is now just below 50 and is going down the Moving Average of RSI, in 30 minutes chart
- Volume is in decreasing trend after crossing the major resistance, in daily chart
- Now the formation of head and shoulder pattern looks imminent visible in 30 minutes chart. If the formation fails or doesn't happen, wait and watch.
T1 - 1418, T2 - 1397, Stop loss - 1435