BHUMIT-ARQ
Long

“Morning Star” Identified on TECHM @ 04.00 Hrs !!

NSE:TECHM   TECH MAHINDRA
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Outlook :
  • The attached 4 hourly timeframe chart of TECHM has formed a bullish candlestick pattern like “Morning star”(shown in a orange circular object), it is considered as a bullish reversal pattern of high reliability.Formation of long bullish candlestick on Day 3 confirmed the pattern and shows that bulls are gaining strength over the bears.
    Presently, the stock price is showing a formation of bearish harmonic type set-up and is making attempt to form the last leg (CD) which will complete the said pattern around Rs .461-463 levels. A decisive move above this hurdle could have a sharp positive impact on the stock price ahead.
    We observe a strong overhead resistance of a downward sloping trendline (black line) around Rs .426 levels, Hence suggest to enter fresh longs above the these levels.
    The overall chart structure and momentum pattern in Techm is showing a buy trade setup for near term. One may look to go for a long trade above 426-427, for a targets of Rs 463 with a stop loss placed just below levels of 405.

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