July 6, 2011

HDIL Triangle pattern

  • HDIL daily chart is trading in a triangle pattern.
  • Price may move towards the bottom support line soon.
  • Since price is trading near the apex of the pattern we may see a breakout in 1 or 2 weeks.
  • Price is below 200 DMA so a breakdown of the triangle may give a good short trade.
  • Breakout above the resistance line can take price to its 200 DMA.

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