Overview
HDFC Bank has been trading within a defined range on the 1-hour timeframe over the past three months, bounded by Range Resistance near ₹820 and Range Support levels around ₹726–730. After bouncing from the most recent range support, price has now formed a Rising Wedge as it approaches the upper boundary of this range — and it is currently testing the wedge's lower support line.
The Broader Range
Since mid-March, HDFC Bank has moved within a wide trading range. Price tested the upper boundary near ₹820 on two occasions and found support near ₹726–730 on two occasions as well. This range has effectively defined the stock's behaviour for over three months.
The Rising Wedge — Current Focus
Within the most recent leg up from the range support, a Rising Wedge has formed — two upward-sloping converging lines compressing price as it approaches the range resistance zone near ₹820.
Price is currently sitting right at the lower boundary of this wedge, near ₹795. This is the critical level to watch right now.
Key Levels
🔴 Range Resistance — 820
🔵 Wedge Support Test (current) — 795
🟡 Range Support — 730 (origin of the current rally)
Two Scenarios
🟢 Scenario A — Wedge Support Holds
If price holds above ₹795 and continues higher, the next test would be the Range Resistance at ₹820. A breakout above this level would be significant — it would mark the first close above the multi-month range high.
🔴 Scenario B — Wedge Breaks Down
A Rising Wedge is typically a bearish pattern even within an uptrend. If price breaks below ₹795 and the wedge support fails, watch for a decline back toward the Range Support zone near ₹730–750.
Why This Matters
When a Rising Wedge forms near the top of a larger trading range, it adds an extra layer of caution to the bullish case. The wedge signals weakening momentum even as price approaches a key resistance level. Traders should watch for confirmation in either direction rather than assuming the range breakout will happen automatically.
Conclusion
HDFC Bank is at a decision point on the 1-hour chart. The Rising Wedge support is being tested right now, and the outcome here will likely determine whether price challenges the ₹820 range resistance or retreats back into the range.
Watch the wedge support reaction closely over the next few sessions.
For educational purposes only. Not financial advice. Always manage your risk.
HDFC Bank has been trading within a defined range on the 1-hour timeframe over the past three months, bounded by Range Resistance near ₹820 and Range Support levels around ₹726–730. After bouncing from the most recent range support, price has now formed a Rising Wedge as it approaches the upper boundary of this range — and it is currently testing the wedge's lower support line.
The Broader Range
Since mid-March, HDFC Bank has moved within a wide trading range. Price tested the upper boundary near ₹820 on two occasions and found support near ₹726–730 on two occasions as well. This range has effectively defined the stock's behaviour for over three months.
The Rising Wedge — Current Focus
Within the most recent leg up from the range support, a Rising Wedge has formed — two upward-sloping converging lines compressing price as it approaches the range resistance zone near ₹820.
Price is currently sitting right at the lower boundary of this wedge, near ₹795. This is the critical level to watch right now.
Key Levels
🔴 Range Resistance — 820
🔵 Wedge Support Test (current) — 795
🟡 Range Support — 730 (origin of the current rally)
Two Scenarios
🟢 Scenario A — Wedge Support Holds
If price holds above ₹795 and continues higher, the next test would be the Range Resistance at ₹820. A breakout above this level would be significant — it would mark the first close above the multi-month range high.
🔴 Scenario B — Wedge Breaks Down
A Rising Wedge is typically a bearish pattern even within an uptrend. If price breaks below ₹795 and the wedge support fails, watch for a decline back toward the Range Support zone near ₹730–750.
Why This Matters
When a Rising Wedge forms near the top of a larger trading range, it adds an extra layer of caution to the bullish case. The wedge signals weakening momentum even as price approaches a key resistance level. Traders should watch for confirmation in either direction rather than assuming the range breakout will happen automatically.
Conclusion
HDFC Bank is at a decision point on the 1-hour chart. The Rising Wedge support is being tested right now, and the outcome here will likely determine whether price challenges the ₹820 range resistance or retreats back into the range.
Watch the wedge support reaction closely over the next few sessions.
For educational purposes only. Not financial advice. Always manage your risk.
Note
Update - Next Resistance around 850
📈 HK Trading Community | Market Structure & Indicator Updates
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Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
chat.whatsapp.com/E3FM7UZ5Gxo8OFsaRJc9hF
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 HK Trading Community | Market Structure & Indicator Updates
Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
chat.whatsapp.com/E3FM7UZ5Gxo8OFsaRJc9hF
Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
chat.whatsapp.com/E3FM7UZ5Gxo8OFsaRJc9hF
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.