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Fake Breakout Patterns in HDFC AMC are perfect to understand why the stock or index failed to gain momentum after the breakout or breakdown. HDFC AMC is moving in a bullish channel and it tried to break the upper line of the channel. However, the Fake Breakout Patterns suggest that the move was not a volume supported the move. It re-entered in the channel the breakout failed.
If you would like to take a fresh position in this stock then you should wait for the stock to retrace to the lower line of the channel. HDFC AMC has formed a bearish divergence on the daily chart. It is also showing signs of consolidation or distribution stage. The further technical analysis suggests that HDFC AMC is under the distribution stage because no of red candles are more than no of green and neutral candles.
HDFC AMC also follows the 20 period Exponential Moving Average. The delivery % analysis is not clear but it suggests a distribution stage and the delivery based selling recently. HDFC AMC has a strong correlation with the movement of Nifty and it is one of the best-performing stocks in Nifty Next 50.
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