TCS C&H pattern seems completed- Target close to 5163
Updated
TCS has completed long term correction phase as well as completed C&H with depth of around 1100 points with neckline around 4041 so that gives a target around close to 200% fib retracement that is 5163.
NIFTY IT index is also near to close the C&H pattern and if that happens that will pull most of the healthy IT stocks i the rally and TCS is the leader.
I would wait for this month closing and if it closes above ~4300 (above yellow line) then the trade will be active. If stock moves higher then would buy like to buy on retest.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.
NIFTY IT index is also near to close the C&H pattern and if that happens that will pull most of the healthy IT stocks i the rally and TCS is the leader.
I would wait for this month closing and if it closes above ~4300 (above yellow line) then the trade will be active. If stock moves higher then would buy like to buy on retest.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.
Note
As predicted struggling at the neckline area, this is the reason a buy trade to be executed above this resistance area only.Trade active
4300 crossed, trade got activeNote
If Monthly close neckline happens then this script bull RUN can start.Note
Strong weekly close, looking nice on chartsTrade active
Positives:-1. Confirmation of Inverted H&S pattern on monthly,
2. Monthly closing above resistance Neck line.
3. IT Index too has confirmed C&H pattern on monthly closing basis
4505 and 4734 seems to the targets in near term.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.
Note
Seems like a retest, near 4000 it can be purchased seeing price action and on closing basis below 4000 trade can be exited.Note
So far going all well in the direction predicted.Note
Bingo : 4505 achieved and next target is 4735.Note
NEW LTH : 4592 - going well as per predictions Note
10% run after the call given.
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