HDFC Bank – Will It Reverse or Time to BUY?
Jul 03, 2024
HDFC Bank touched lifetime highs on 3rd July after Gap up opening. But is it Time to buy more or prices will reverse back?
HDFC Bank has been late to join the party but finally managed to show strong up move. Time cycle has turned on buy side and looks like the rally is here to stay.
HDFC Bank daily chart:
Hurst’s Time cycles – Time cycle helps to understand if the time is turning on the buy side. Majority of the traders only focus on prices ignoring the fact that time also plays a vital element to trading.
While buying a stock one is buying two parameters – price and time.
HDFC Bank follows a Time cycle of 53 Days which is derived using Hurst’s Time cycle method.
This cycle has resulted into prices turning on upside on most of the occasions.
Even the recent sharp rally started from the Cycle low period. The low near the cycle date is at 1680. We call this as Time support area.
Forecasting Prices using Time – FLD is a Time indicator that helps to derive prices using Time cycle. When prices intersect with this indicator it gives probable targets. Even the recent intersection near 1520 indicated the stock is going to continue its upward journey.
As long as the stock is sustaining above 1680 time will remain on buy side. Time starts turning post the mid cycle period and so for next 25 days we expect this low can remain protected.
For Options trader this is vital information and can form prudent strategy. Time alone can be used as a complete trading system without combining any other technique.
In a nutshell, HDFC Bank as long as sustains above 1680 will be on buy side. This can be combined by short term time cycles on 15 minutes chart for scalping or intraday trading as well.
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