amankavi
Long

Tech Mahindra : Double bottom and morning star bullish reversal

NSE:TECHM   TECH MAHINDRA
Scrip can rebound back due to :
1) %william showing uptrend from oversold situation
2) Morning star pattern in the formation (Green engulfing candlestick required to complete the formation)

Trade can be started after it crosses 383 aiming towards resistance and neckline levels. Beyond neckline bullish surge and breakout could take it to target price = 431
Support level mentioned in chart
Comment: Bullish trend shaping up as analyzed :)

Will wait for affirmed confirmation if the O(open) for tuesday comes above C(close) for today - 385 and maintains the upmove, with minor corrections and then enter trade. Will update SL accordingly

Dont prefer with FOMO (fear of missing out) and then, regretting later.
http://www.marketoracle.co.uk/Article45801.html

Q1 results YoY turning optimistic with profit spike, could quite see more investors/buyers coming in with surge in buying volume
http://www.moneycontrol.com/news/business/earnings-business/tech-mahindra-q1-beats-estimates-profit-spikes-36-dollar-revenue-grows-0-6-2340509.html
Comment: Well, Q1FY18 results were quite powerful resulting in enormous buying which usually happens if a company's earnings are much higher than expected, the company's stock may gap up the next day. It crossed the neckline in one go :)

Missed the rally, will now wait for scrip to settle and catch with the new trend if breakaway gap occurs resulting in bullish trend
Comment: Ascending price channel pattern could be in play
Planning to enter the trade at 430 aiming towards higher highs of upper trendline in swing momentum
Bro could you please provide timeframe of your target 1 & 2
Reply
amankavi Siddharth_Kr_Jain
@Siddharth_Kr_Jain Bro, Taking previous reversal into consideration, I think Call could be 15-25 days towards target 1 (Do ensure to go into trader after confirmation as said in idea) The call can be subject to not much of consolidation seen for the specific scrip

You can book partial/wholly profits around target 1 if there appears to be some uncertainty or bearish reversal is seen retracing towards support levels again
Beyond neckline bullish surge and breakout could take it to target price = 431 --> Can't say for now as the call can only be ascertained after it reaches around neckline level

Note: As positive news have a strong correlation with future stock performance and traders/investors sentiment, It can even show quick bullish trend and reach target price - 2 if some good news comes around the specific time for Nifty IT or specific sector
Reply
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out