INVERSE HEAD & SHOULDER BREAKOUT IN HDFC LIFE
HDFC LIFE A GOOD BUY?
HDFC LIFE Insurance had broken out of the the Inverse Head & Shoulders neckline on 17th Nov 2020. Refer to the image above to see the breakout and re-test of the neckline.
The prices had broken out and have already re-tested the neckline, now is the best chance to enter into the trade and BUY, take advantage of the price action. As we know the Target for the Head & Shoulders is the difference between the Neckline and the Peak. However, to be on the safe side I have taken the distance between the smaller peak and the neckline. Refer to the image below to see the targets & smaller peak.
Remember to enter only above the last day's high which is at 650. So you can BUY above 650 You can also have a trailing stop loss to have multiple entry & exit points. The 1st Major target is around 765 price level & the 2nd Major target is around 800 price level.
Happy Trading & Investing, let me know if you liked the analysis and please give your feedback to help me publish ideas better.
HDFC LIFE Insurance had broken out of the the Inverse Head & Shoulders neckline on 17th Nov 2020. Refer to the image above to see the breakout and re-test of the neckline.
The prices had broken out and have already re-tested the neckline, now is the best chance to enter into the trade and BUY, take advantage of the price action. As we know the Target for the Head & Shoulders is the difference between the Neckline and the Peak. However, to be on the safe side I have taken the distance between the smaller peak and the neckline. Refer to the image below to see the targets & smaller peak.
Remember to enter only above the last day's high which is at 650. So you can BUY above 650 You can also have a trailing stop loss to have multiple entry & exit points. The 1st Major target is around 765 price level & the 2nd Major target is around 800 price level.
Happy Trading & Investing, let me know if you liked the analysis and please give your feedback to help me publish ideas better.
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