fcsa

HCLTech - Short based on Pin Bar

Short
NSE:HCLTECH   HCL TECHNOLOGIES
Reasons for shorting:

- HCLTECH has retraced 0.618% of the drop from 23rd April to 5th June
- There seems to be a Pin Bar / Doji forming on the daily chart
- Daily chart Money Flow Index is very high near 80 level
- Stochastics high on daily chart & falling on 30 min chart

This is a rather high risk trade given the rise in Nifty but I am taking it.
Comment: Also shorted Infy based on yesterday's daily chart Doji
Trade active: T1 = 975
T2 = 960
July Futures prices
Trade closed manually: Closed for a 28 point profit per lot of 700 (July Futures). Don't want to risk holding over the weekend. May short on Monday if price action justifies it.
Comment: Daily stochastics seem to suggest further correction eventually to about 960 (July Futures). However, the 1 hr stochastics and MFI are very low. In fact 1 hr MFI is rising a bit and the 1 hr candle is resting on top of the Ichimoku cloud.

If the price does not go below 260 or bounces up from 974 which is the 38.2% retracement of the rise since 21 June, then it may be good for a quick intraday or BTST long position tomorrow.

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