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Possible Bearish Inside Day Candle Pattern Detected for HDFC Bank (NYSE:HDB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in HDFC Bank (NYSE:HDB) based on the price action in the company's shares. Yesterday's price range of $64.56 and $65.46 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of HDFC Bank may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, HDFC Bank share prices have been bracketed by a low of $51.11 and a high of $65.58 and closed yesterday at $65.33, 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

There is potential upside of 13.3% for shares of HDFC Bank based on a current price of $65.33 and an average consensus analyst price target of $74.00. The stock should find initial support at its 50-day moving average (MA) of $59.73 and further support at its 200-day MA of $59.53.

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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 15.6%. We continue to monitor HDB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle hdfc bank

Ticker(s): HDB