Arun_000

TCS - CHANNEL BREAKOUT - BULLISH

NSE:TCS   TATA CONSULTANCY S
NSE:TCS

  • ON DAILY CHART HIGHER HIGH FORMATION IS CLEARLY VISIBLE & ALSO VOLUME IS ON HIGHER SIDE WHEN PRICE IS MOVING UP
  • SUPPLY CAME IN ON 8TH OCTOBER WITH EXTREMELY HIGH VOLUME FOLLOWED BY SErIES OF WIDE RANGE BEARISH CANDLE.BUT VOLUME IS RELATIVELY LOW SUGGESTING IT MIGHT BE A RETRACEMENT
  • ON 15 MIN CHART,LOWER LOW STRUCTURE WHICH FORMED OVERS PAST TWO WKS HAS BEEN BROKEN AND STARTING TO FORM HIGHER HIGH STRUCTURE BUT WE NEED VOLUME CONFIRMATION.
  • ALSO FORMED A CHANNEL AND PRICE IS CURRENTLY TRADING NEAR CHANNEL TOP WHICH ACTS AS RESISTANCE
  • IF PRICE BREAKS ABOVE CHANNEL TOP (RESISTANCE) WITH VOLUME EXPANSION,PRICE MIGHT MOVE TO NEXT RESISTANCE ZONE (2955-2980),WHERE PRICE MIGHT TEST THAT RESISTANCE LEVEL
Comment: Price breakout happened on the back of very low volume.so not valid break out.