hdfcbank trade set up
we can see both the upper and lower trendline has multiple support and resistance. And this week closing is above upper resistance trendline. And the tricky part is it has taken resistance exactly at AB= CD point which is indicating a consolidation might take place further. In that scenario monday opening must be below 1472 and price must remain below the trendline for at least the first hour which will confirm a trend reversal from AB = CD point which is 1595 and thus 1600 becoming the stoploss in short position.
On the contrary, if opening is above previous day close and price remains above 1576 for at least half an hour then long position to be taken keeping a stoploss at 1569 and the target should be 1595, and 1623.
On the contrary, if opening is above previous day close and price remains above 1576 for at least half an hour then long position to be taken keeping a stoploss at 1569 and the target should be 1595, and 1623.
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