HCLTECH - aggressive short covering 30-10-2023
HCLTECH is an interesting chart with following reasons
1. ABCD pattern under formation
2. Price Crossed above 20 day SMA
3. Narrowing Bollinger Bands and price trading near upper Bollinger Band
4. On Weekly chart it formed a breakout of CUP pattern and is sustaining above breakout level after testing the same.
5. RSI on all time frames (daily/ Weekly/ Monthly) strong bullish above 60 or near 60
6. As per Fib Projections next resistance can be 1278- 1303 - 1330 levels
Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix
1. ABCD pattern under formation
2. Price Crossed above 20 day SMA
3. Narrowing Bollinger Bands and price trading near upper Bollinger Band
4. On Weekly chart it formed a breakout of CUP pattern and is sustaining above breakout level after testing the same.
5. RSI on all time frames (daily/ Weekly/ Monthly) strong bullish above 60 or near 60
6. As per Fib Projections next resistance can be 1278- 1303 - 1330 levels
Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix
Disclaimer
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