HDFC has given a breakout of a downward parallel channel on the hourly chart.
Right now it is retesting the upper level of the channel. It would be interesting to see how the price moves from here on.
50MA is also near 200MA.......about to form a Golden Cross.
If the price takes support from here and crossover of 50MA and 200MA happens, we can see a continuation of the recent bullish momentum.
Looking at the current market scenario of fear due to COVID-19 be cautious while trading. There are chances of profit booking as the price has given a good momentum in a short span of time.
Right now it is retesting the upper level of the channel. It would be interesting to see how the price moves from here on.
50MA is also near 200MA.......about to form a Golden Cross.
If the price takes support from here and crossover of 50MA and 200MA happens, we can see a continuation of the recent bullish momentum.
Looking at the current market scenario of fear due to COVID-19 be cautious while trading. There are chances of profit booking as the price has given a good momentum in a short span of time.