Topic Statement:
HCLTech, like other IT peers, has been dragged down by global economic policies but now shows early signs of recovery from key support levels.
Key Points:
1. The stock corrected down to the 38.2% Fibonacci retracement level at 1385, where it found strong support
2. Price reversed after touching the lower boundary of its bullish channel, reinforcing the trend structure
3. Currently trading below the 50-day EMA, the stock is oversold in the short term and presents a possible accumulation opportunity
HCLTech, like other IT peers, has been dragged down by global economic policies but now shows early signs of recovery from key support levels.
Key Points:
1. The stock corrected down to the 38.2% Fibonacci retracement level at 1385, where it found strong support
2. Price reversed after touching the lower boundary of its bullish channel, reinforcing the trend structure
3. Currently trading below the 50-day EMA, the stock is oversold in the short term and presents a possible accumulation opportunity
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.