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Bearish Moving Average Cross by HDFC Bank (HDB)

By Nick Russo

HDFC Bank (NYSE:HDB) shares have crossed bearishly below their 10-day moving average of $63.81 on a volume of 104K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of HDFC Bank have traded between a low of $51.11 and a high of $65.44 and are now at $63.67, which is 25% above that low price. The 200-day and 50-day moving averages have moved 0.01% lower and 1.25% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of HDFC Bank on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.49. Since that recommendation, shares of HDFC Bank have risen 14.2%. We continue to monitor HDB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses hdfc bank

Ticker(s): HDB