Triangle Pattern breakout in HDFC 1Day Time-frame
Over the past few weeks, HDFC Bank’s stock price was consolidating, forming a symmetrical triangle pattern. The support and resistance levels were gradually narrowing, showing that the stock was gearing up for a big move.
On [16 dec], the price broke out above the resistance line with a surge in trading volume, confirming the breakout. This is a strong bullish signal, as increased volume indicates heavy buying interest and strong momentum behind the move.
On [16 dec], the price broke out above the resistance line with a surge in trading volume, confirming the breakout. This is a strong bullish signal, as increased volume indicates heavy buying interest and strong momentum behind the move.
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