HDFC Bank Limited (HDB) short at resistance.
Stock: HDFC Bank Limited (HDB)
Long or Short: Short
Entry: 40.71
Stop-Loss: $42.17
Chart: HDFC Bank Ltd (HDB) Daily
Reason for Trade: I took this trade today at $40.71 as it bounced straight into resistance on low volume. That volume level in this trade is key, because the amount of enthusiasm behind the quick rally was equal to what you’d see on Christmas eve or a shortened day of trading. There is also a long-term trend line that has broken (dotted yellow line) and the bounce takes price right into the underside of the prior trend.
The most promising of this setup is the broken descending triangle that has been broken and confirmed and is the main reason for me taking a short position in HDB.
This market is extremely over-extended, and should no doubt see a pullback in the coming days, if not today. Assuming as much should bode well for the short play I have now in HDB.
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