Possible Bearish Inside Day Candle Pattern Detected for HDFC Bank (NYSE:HDB)
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 $73.50 and $74.02 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.
Over the past year, HDFC Bank has traded in a range of $51.11 to $74.04 and closed yesterday at $73.86, 45% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.
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.
HDFC Bank has overhead space with shares priced $73.86, or 0.2% below the average consensus analyst price target of $74.00. HDFC Bank shares have support at the 50-day moving average (MA) of $59.73 and additional support at the 200-day MA of $59.53.
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 31.1%. 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