CMP : 424
SL: 433
TGT 403
Tech Mahindra is in a descending channel. So the trend is declining, so it should breakout below the lower trendline. The green area is the demand zone where it should find support. RSI is also in a downtrend. So shorts can be initiated.
Disclaimer: I am a novice at charting and this chart is purely for educational purpose. Views and opinions are welcome.
SL: 433
TGT 403
Tech Mahindra is in a descending channel. So the trend is declining, so it should breakout below the lower trendline. The green area is the demand zone where it should find support. RSI is also in a downtrend. So shorts can be initiated.
Disclaimer: I am a novice at charting and this chart is purely for educational purpose. Views and opinions are welcome.
Comment:
It is down, but at a support level. Revise stop to 424, and book 50% profits and hold rest for 403
Trade closed: stop reached