- The price seems to be bouncing off the 200 weekly MA.
- There is a good volume buildup.
- If you observe, the price is sitting at an important confluence of swing level and 200 MA.
HDFC Bank – Swing trading (Update: 17 May)
- The initial idea turned out to be great. We had a bounce of 27%.
- There was a huge pump and dump after the merger news.
- The price seems to be stalling around 1300, which is also an important weekly flip level.
- The weekly 200MA cluster lies somewhere near 1250 and may act as good support.
- Fresh longs should only be opened above 1405 (on daily closing basis).
Important links:
- Follow the free Telegram channel for early updates.
- How to see idea statistics on TradingView?
- How to use the TradingView heatmap?
- How to publish an idea on TradingView?
- How to publish an indicator on TradingView?