There is always a lesson to be taken home & become a more wise trader rather than playing for small movements. Here is the lesson which TECHM offered us
When I came up with a tripple correction sequence unfolding in the stock few days back -I was very clear in my plans that we should look to buy TECHM only if it goes above 476.50 -Why?
There is a trendline which is passing from top & falling in a downward direction- first we should likely get the breach of the trendline- to confirm that the running fall is done & out.
Second key levels like 476.50 in this case was extremely important to be taken out for further confirmation -why, I will call this as the critical level because it was almost falling on the trendline
TechM just went very close to 474.70 Highs & took You turn in downside direction & have been falling since then- Last traded at 446- the way it is falling -its clearly indicating that TECHM could even go further down.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw