HDFC has been drifting lower since it formed a lifetime high?

HDFC stock has been drifting lower since it formed a lifetime high near 2777 levels a few days ago.

Look at the below chart published in the daily research report on 27th January 2021.

HDFC Daily chart:

Published in Daily Research Report on 27th January 2021–

Daily chart- in the previous session HDFC formed a strong bearish candle and closed below the 25 SMA after a long time which indicates that the short term bias is now bearish. Price is moving in a complex corrective pattern in the form of wave (b) (blue).

Channelling technique- price broke below the channel support decisively which indicates that the stock can continue to move lower in the form of wave f. The closest support can be seen near 2470 and price can continue to drag lower with closest resistance near …..

In short, trend for HDFC is short term bearish. Price can continue to move towards ….. as long as …. holds on the upside.

To get the exact levels for entry and exit refer the daily research report – “The Financial Waves Short Term Update”. Subscribe under Republic Day Offer here

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