HCLTECH: Swing: 1D 14-Oct'24

Oct 14

HCLTECH: Swing: 1D 14-Oct'24

• Stock has been in an uptrend since around 27-Jun'24
  
• Starting 02-Sep'24 the uptrend has paused and the stock has been trading in a range. Marked on charts. ADX ~ 17 also confirms range bound trade
  
• The stock broke the trend on 11-Oct'24 with volumes greater than 50 SMA.
  
• The stock has taken support at 9 day SMA. It also crossed over it just 2 days ago. All +ves
  
• Entering long @ 11-Oct'24 close 1839.65
  
• Target = Trading range height + resistance = 102.85 + 1824.35 ~ 1920
  
• Stop Loss = 1 ATR below the resistance = 1824.35 - 39.65 = 1784.70
  
• Exit criteria = Hits StopLoss || Reaches Target || Price goes below 9 EMA
  
• Risk:Reward = 1.46:1
  

Oct 14

Trade active

Entered @ 1839.65