Nifty Update: HDFC Update.

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Interesting  &  Unique  Observation.

Here’s  something  Interesting  I  Found  on

  HDFC  Weekly  Charts.

Since  2018, on weekly closing basis,  every time HDFC has Broken it’s Previous Top, 

and then formed Indecisive / Bearish candles , indicating  Short to Mid Term downside,

The stock has re – tested it’s support zones , and then bounced back even further to break the high from where it fell.

This is evident in the pic. above, where i have marked the Indecisive / Bearish candles, with blue circles and defined them with the text along with it.

Let’s  see how it happened :

1)  On the week ending   21st Jan 2018……….the candle closed above the previous resistance.

The next two weeks, Hanging Man and Shooting star were formed, which resulted in the test of previous Gap & eventually filled the gap and made new high.

2) The week ending 29th July 2018………… resulted in candle closing above the previous high, the very next candle formed a Bullish Side by Side Lines candle stick pattern , having almost identical highs, but the bears had enough of the upside and led to a mid term downtrend in the stock.

Which finally , found support on  the Major Support Zone as marked in the pic above.

And then, price zoomed up to break the previous high.

3) And now, the week ending 7th April 2019, candle broke the previous Swing High & closed above it. 

Next candle, itself formed a Dark Cloud Cover, and today the low of this bearish candle has been breached. If it closes below it , then it will be interesting to see where HDFC finds next support.

I have marked the next possible Support Zones in the pic above.

However, if one carefully observes, the HDFC Weekly Charts, then historically also , this has happened on quite some occasions. 

For info / edu purpose only.

Note :

I am not a SEBI registered Investment Adviser and my accuracy is not guaranteed. My posts are my personal views and for information / educational purpose only.

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Image and article originally from Read the original article here.