CMP : 2295.65 (01-07-2023)
ABOUT : HDFC Asset Management Company Limited (HDFC AMC) is one of the leading asset management companies in India. It is a subsidiary of Housing Development Finance Corporation Limited (HDFC), one of the largest housing finance companies in India. HDFC AMC offers a wide range of investment products and services to individual and institutional investors.
TECHNICAL ANALYSIS CHART VIEW (WEEKLY TIME FRAME)
(CLICK ON ABOVE IMAGE FOR CANDLESTICK CHART VIEW)
OBSERVATION :
As we can see the stock was in a DOWN TREND since 13th SEP 2021, Taking a good support of its pivot points levels & consolidate and formed a DOUBLE BOTTOM pattern and ready for breakout. Once the stock gets break out of its neckline (resistance zone) we can expect the stock to travels a distance equal to the height of the DOUBLE BOTTOM pattern.
- Expecting stock to give rally up to (30-40%) coming weeks /months.
- Above 2300 can show good momentum.
How DOUBLE BOTTOM pattern works ? ( click here )
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Note : It's important to note that the is just one of many chart patterns used in technical analysis, and traders should always use multiple indicators and techniques to confirm their analysis before making trading decisions
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation to buy or sell. Please consult your financial advisor before taking any financial decision.
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