Attached chart of this IT stock ( TCS ) is indicating a sharp up move for the near term.
The stock price moved above the hurdle of down sloping (red line at Rs .2400) and closed above it at Rs 2432
We observe positive sequence of higher tops and bottoms from last many weeks and presently the stock price is moving up to test previous top of Rs 2587 or mark a new
This week’s upside bounce back was in line with the consolidation pattern of the previous couple of weeks and that could be considered as a short term bottom reversal pattern, from the major support (black upward sloping line)
Daily 14 period has turned up from near 60 levels, which is indicating strengthening of upside momentum.
The overall positive chart and momentum pattern in TCS is showing an opportunity for buy trade for near term.
Our momentum oscillator based on the smoothed rate-of-change ( KST ) is giving a positive reading.A positive reading means the weighted and smoothed rate-of-change values are mostly positive and prices are moving higher.
The positive chart and momentum pattern is showing a long
trade set up in the stock. Look to buy this stock as per
levels mentioned above.