HDFC Asset Management (AMC) swing setup Long

1 Feb

HDFCAMC has been trading in an uptrend for the past few months, forming a cup pattern. It has reached its all-time high. The monthly, weekly and daily RSI is above 60 and taking support at 60 levels in 75-minute time frame. You can see that the volume is also moderate. If it starts increasing as the price approaches its all-time high ( 3844), there would be a high probability trade for a small risk-to-reward ratio (1:2.5). One can also hold if it breaks the all-time high as there would be no resistance above 3844.