HDFC BANK LTD
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HDFC BANK good short candidate

HDFC bank :- CMP :- 1400.
Bearish Butterfly Pattern formation.
PRZ zone :- 1414 - 1455
SLZ zone :- 1500
1.27 XA = 1450 LEVELS
2.618 BC = 1428 LEVELS
AB = CD :- 1414 LEVELS.
Equivalent AB=CD pattern formation.
PRZ zone :- 1414 -1420.
Rising channel pattern :- Resistance trend line of rising channel around 1420 levels.. counter would face resistance around this level.
RSI :- Weekly RSI touched levels of 70 and reversed,, bearish divergence observed on daily time frame.
Darvas Box :- Last 6 weeks counter is consolidating in range 1360 to 1450 .. resistance around 1450 levels of this consolidation.
Trend change confirmation below 1360, once give 2 consecutive close below this levels on daily basis.

Good short candidate.

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