HDFCLIFE--Bullish or Bearish ??------>> the stock is trending upwards.
-------->> now the price is at resistance facing some difficulty to move upwards,
---------->>broken the trendline and trading in a range, waiting for retest of supply and continue to fall down or take the help of demand zone and will again move upwards.
----------->> track this stock price from demand to go upside or breaks below sell on retracement to bottom demands.
we have demand @ 520 range.
supply @ 590 range.
keep track this instrument.
HDFCLIFE trade ideas
HDFC LIFE 1HR (10/05/2023)NSE:HDFCLIFE
Hello traders ,
All important levels are drawn in the chart.Work with risk reward ratio. not taking a trade is also a trade.
A trade cant change anything keep in your mind,if you think one trade can change your life then you are doing gambling in the market.take calculated risk.
major resistance in hdfc life is 595
and major support is 516.
HDFCLIFE short positionThe price is respecting upsloping support. However it is approaching horizontal resistance.
Our strategy is to enter short position once the price breaks the upsloping support and back tests it and confirms it as a resistance.
The target: 458.20$
In validation of this thesis would be if the price comes back above the upsloping support
HDFCLIFE - Weekly AnalysisIn the Weekly Chart of HDFCLIFE ,
we can see that, it showed a false breakout at 590 level and we saw a drastic fall.
Also it did not hold at 200 EMA.
Currently it is taking support at trendline.
If you want to enter in HDFCLIFE , Let it form a Bullish Candle or Bullish pattern.
HDFCLIFE - BREAKOUT TRADEHDFCLIFE has been struggling to get past 600 levels since the start of 2022, every time prices reach there, it corrects all the way down.
Currently, prices are again at 600 levels and now price action is giving positive signs, that breakout might happen this time.
Price should sustain above 550 levels.
Above 600, it might test 650 levels very fast.
Wait for a breakout or buy on dip with strict stop loss.