TechM reversed from a harmonic level(635-640) and made a bullish engulfing.
Next day it made an inside bar and closed below the resistance at 607.
Aggressive traders can sell below day low of engulfing bar(599) for target 583 with SL 606.
Safe traders can sell on low of engulfing bar which is 588 and trail to cost when it goes 583 (there is a support),
when this support breaks, the next target is 565.
As IT sector is bullish, this may never trigger or can be risky, hence trail as soon as you are in profit.
TechM has a maxpain of 580 and OI and 650 CE and 550 CE.
My view can go wrong as well. Please be careful.
Disclaimer: I am not a SEBI Registered Analyst. This is for educational purpose. Please take position after consulting your advisor.
Next day it made an inside bar and closed below the resistance at 607.
Aggressive traders can sell below day low of engulfing bar(599) for target 583 with SL 606.
Safe traders can sell on low of engulfing bar which is 588 and trail to cost when it goes 583 (there is a support),
when this support breaks, the next target is 565.
As IT sector is bullish, this may never trigger or can be risky, hence trail as soon as you are in profit.
TechM has a maxpain of 580 and OI and 650 CE and 550 CE.
My view can go wrong as well. Please be careful.
Disclaimer: I am not a SEBI Registered Analyst. This is for educational purpose. Please take position after consulting your advisor.
Comment:
didn't trigger
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