Classical Cup & Handle Breakout in HDFC BANK
HDFC Bank Ltd shows a classic cup and handle pattern on the weekly timeframe, suggesting a bullish continuation signal.
Here’s a technical analysis:
Cup and Handle Pattern: The chart displays a well-formed cup and handle pattern, which is a bullish technical formation. This pattern often precedes an upward breakout and is considered a strong bullish signal.
Resistance Levels: The stock has broken out above key resistance levels drawn at around ₹1,760–₹1,780, confirming the pattern. This breakout suggests potential upside movement with increased buying interest.
Volume: There is a significant increase in volume during the breakout, which validates the strength of the breakout. High volume on a breakout indicates strong investor confidence in the upward move.
Target Projection: The target projection based on the depth of the cup is approximately 20% above the breakout level, aligning with the level marked around ₹2,100.
Stop Loss: A suggested stop-loss level is placed just below the handle’s low (around ₹1600) to manage risk in case of a pullback.
Moving Averages: The stock is trading above key moving averages, which reinforces the bullish trend and confirms upward momentum.
Here’s a technical analysis:
Cup and Handle Pattern: The chart displays a well-formed cup and handle pattern, which is a bullish technical formation. This pattern often precedes an upward breakout and is considered a strong bullish signal.
Resistance Levels: The stock has broken out above key resistance levels drawn at around ₹1,760–₹1,780, confirming the pattern. This breakout suggests potential upside movement with increased buying interest.
Volume: There is a significant increase in volume during the breakout, which validates the strength of the breakout. High volume on a breakout indicates strong investor confidence in the upward move.
Target Projection: The target projection based on the depth of the cup is approximately 20% above the breakout level, aligning with the level marked around ₹2,100.
Stop Loss: A suggested stop-loss level is placed just below the handle’s low (around ₹1600) to manage risk in case of a pullback.
Moving Averages: The stock is trading above key moving averages, which reinforces the bullish trend and confirms upward momentum.
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