HCL Tech seems to have broken out of a downward trend, caused by fear selling in the markets this week. The stock has been following an upward trending parallel channel over the last few days and has also rebounded off the 50 DMA. It is set to achieve a target of 1110 by earnings release ~ 15th of May.
Target:1110
Entry: 991/CMP
Stop Loss: 960
Time: ~ 39 Days
Note: Book profits at ~1050/55 as the stock may face heavy resistance at this level, as seen previously.
Target:1110
Entry: 991/CMP
Stop Loss: 960
Time: ~ 39 Days
Note: Book profits at ~1050/55 as the stock may face heavy resistance at this level, as seen previously.
Trade active:
The Stop Loss was triggered in this scenario but have chosen to manually override as it was breached by a minimal amount (~Rs.3), and then went on to stay within the lower boundary of the trend. Another breach of this level and we can cash out of the trade.
Trade closed: stop reached
TB
