HDFC Bank 53 Days Time Cycle, Time to Buy?

HDFC Bank 53 Days Time Cycle, Time to Buy?

Time Cycle helps to understand if the overall trend is going to reverse back on upside. This is advanced technical analysis method is used for timing the market.

HDFC Bank is following 53 days Time cycle very well and we can clearly see that prices are forming low every time it approaches near to this cycle.

HDFC Bank Daily chart On the above chart, the red vertical lines represent 53 days’ cycle. As shown in above chart, we can see most of the lows are formed on our cycle and after almost every 53 period, HDFC Bank has shown a positive reversal.  The same is now in place again near 1378 levels. So, the time is right for stock to start showing positive trend. However, price action is must to confirm the same and for that we need a close above 1475 levels. A close above it can suggest that short term bottom has formed. 

For trading it is important to combine Price and Time studies together.

Time is right and now if price action confirms HDFC Bank can provide good opportunity to enter for a move towards 1515 levels followed by 1595 levels.

In a nutshell, Elliott wave and Time cycle combination carries forecasting ability and one can trade exceptionally well by understanding these methods. HDFC Bank is now at important juncture and can provide good trending opportunity.

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