BHUMIT-ARQ
Long

“Symmetrical Triangle” Breakout For TCS

NSE:TCS   TATA CONSULTANCY S
97 2 1
Targets : 2915-3070-3235 Buy range : 2530-2550 Stoploss : Below 2250 Duration : 4-5 months

Synopsis :
Looking at the weekly chart, stock has seen tremendous rally from the bottom of around 2255 (April 17. 2017) and rallied till 2637 hitting a 6 month’s high.
Presently, the stock price has staged an upside breakout of the weekly consolidation around Rs             .2533-2540 levels (shown in two converging black lines) and closed at Rs             2578 which is to be an upside breakout from a triangle symmetric pattern aswell with an increase in volumes.
The stock price held above the key lower levels multiple supports around Rs             .2051.90, 2153 & 2255 levels over the last few weeks. This is positive indication and suggests emergence of sharp buying interest from near these imp supports. The stock has since then been steadily rising in the last few weeks and making higher tops and higher bottoms in the process
Technical indicators are currently giving positive signals as the stock trades above the short term (13 day SMA ), medium term (50 day SMA ) and long term (200 day SMA ) moving averages. Momentum indicators like the 14-day RSI are in rising mode and are not yet extremely overbought, which is a positive signal.
The overall positive chart setup is showing an opportunity for long trade setup. Look to buy TCS             as per levels mentioned above


Trade closed: target reached
Mr. Bhumit Now what about TCS DOWN OR UP SIDE give me your view hold or sold

thank you
Reply
BHUMIT-ARQ dharmeshpandya79
@dharmeshpandya79, should hold with a strict stop below 2250
Reply
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