This stock has been in an uptrend since the past month, thus, it will be showing some correction. The stock is forming an ascending wedge which is a sign of weakness in the price action. The price has not been able to push past the resistance level i.e. 608-610 level.
The price is going to move towards the 565-570 level. Thus, I would insist no fresh position should be acquired at this point.
According to fibonacci retracement, the price is bouncing up and down in the 23.6% level but further uptrend is highly unlikely. HDFC Life will be bearish for the next 5-6 trading sessions. Acquire fresh positions once the uptrend is confirmed.
Thanks
P
The price is going to move towards the 565-570 level. Thus, I would insist no fresh position should be acquired at this point.
According to fibonacci retracement, the price is bouncing up and down in the 23.6% level but further uptrend is highly unlikely. HDFC Life will be bearish for the next 5-6 trading sessions. Acquire fresh positions once the uptrend is confirmed.
Thanks
P
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