OmiFX8
Short

Mindtree: Classic rising wedge breakdown

NSE:MINDTREE   MINDTREE LTD
Mindtree closed at Rs . 970 on Friday, confirming a classic rising wedge breakdown – a bullish-to-bearish pattern. The share, however, picked up a bid today and rose to Rs . 981.75, weakening the immediate bearish view.

The path of least resistance, however, is still the downside and the rising wedge breakdown would gain credence once the price falls below Rs . 962, creating room for a sell-off to Rs . 930.

Also, I would be a seller if the price faces rejection or fades spike above the high of Rs . 983.50 today. That said, the bearish outlook would be neutralized if the price finds acceptance above $983.85 (Friday's high) on the back of strong volumes.

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