HDFC Bank 53 Days Time Cycle, Time to Buy?Aug 30, 2023
Time Cycle helps to understand if the overall trend is going to reverse back on upside. This is advanced technical analysis method for timing the market.
HDFC Bank is following 53 days Time cycle very well and we can clearly see that prices are forming low every time it approaches near to this cycle.
HDFC Bank Daily chartAs shown in above chart prices are bouncing back every 53 days. The same is now in place again near 1550 levels. So, the time is right for stock to start showing positive trend. However, for trading it is important to combine Price and Time studies together.
Elliott wave gives price forecasting ability and can provide much needed clarity in such cases to analyse the pattern ongoing and what to expect next. As per this, prices are moving in complex corrective pattern and bounce above 1630 will provide positive reversal.
Time is right and now if price action confirms HDFC Bank can provide good opportunity to enter for a move to 1660 levels.
In a nutshell, Elliott wave and Time cycle combination carries forecasting ability and one can trade exceptionally well by understanding these methods. HDFC Bank is now at important juncture and can provide good trending opportunity.
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