HDFC Bank had been the strongest among the banking space. This stock has been outperforming for many months and continues to exhibit very clear Elliott wave pattern and when combined with channeling methods it gives an amazing trading opportunity.
Look at the below chart of HDFC Bank which is published in “The Financial Waves short term update” on 25th June 2019
HDFC Bank 60 mins chart: (data as on 24th June 2019)
Following was mentioned in the morning research for HDFC Bank
Elliott Wave analysis –
HDFC Bank has always been a strong out performer in the banking space. In the previous session it opened on a flattish note and tested an intraday high of 2430. The session finally ended at 2421 with a gain of 0.28%.
On the daily chart (shown in actual research report) we can see the HDFC bank moving more or less sideways post testing the high of 2470 levels. On the daily chart we have shown the 30 days EMA which has been providing very good support on the prices. Even in the past we have seen strong bounce back from the same average and let us see if the similar scenario develops this time as well. As per the wave theory we are currently moving in the form of wave iv on the downside. The immediate support is placed at ………. levels.
On the hourly chart we can see the prices moving in an upward slopping channel, currently we are moving towards 2400 levels (lower trendline of the channel). As per the wave theory we seem to be moving in the form of wave c on the downside. A break above the …… level will confirm the completion of wave iv and the start of wave v on the upside.
In short the trend for HDFC Bank seems to be sideways to positive with the immediate resistance placed at …… and the support placed at ……. A break above the ………. level will take the prices higher towards the ………… level.
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