AbhishekHSinghCMT
Short

TechM- Act like Lawyer -Turning from 442- Heading for 405-407

NSE:TECHM   TECH MAHINDRA
1682 49 36
Sell

Last Price@430.25

Act like a lawyer in a courtroom where he searches for clues to make his case strong. Bearish Candlestick Pattern, 38.2% exact retracement & falling trendline makes our case strong for a downside move.

So let us play the role of a lawyer.

Let us proceed in the courtroom for hearings & proofs.

Clue 1- Candlestick Pattern
We have bearish Engulfing Candle which engulfs prior candle from 442 highs in 4H chart (4 Hour Chart)
So, 442 highs is the key level for next few sessions for Tech Mahindra.

My Lord - Such Patterns are explained in the bible book - Candlestick Analysis- by Steve Nison

Clue 2- Trendline
We need 2 points of contact to draw a trendline & 3 point of contact to make it valid trendline . My Lord- So, I think this is 2nd clue which supports bearish view.

Clue 3- Fibonacci Retracement
The fall from 491 to 413 has been touched exactly at 442 which is 38.2% retracement of the fall.
My Lord- This was finally clue to support bearish view.

I know that you will decide in bears favour & most likely we will win the case. Let me know your decision.
My Lord- Market- Do consider all the clues before giving your judgement.


What Next?
In the Zone 405-410 - Wave-3 travels 361.8% of Wave-1 distance(515 to 488)- which itself divided into 5 waves.

Trading Strategy
Strict Stops above 442 - we shall look for the final leg in the extended wave-3 in the zone 405-410 where it travels 361.8% of wave-1 distance.

Don't forget to put your comments - I will love to hear from all of you & thanks for supporting.


Trade active: 14:48 Hrs 26th April2017

Last Price@425

Moving in the desired direction.
Trade active: 15:27 Hrs 27th April2017

Last Price@426

Some Bounce can be expected & we start next sell below 422.
Trade active: 13:14 Hrs 28th April2017

Last Price@423.80

Bounced to 428.80 & had a fall to 422 & above as stated - TechM falls more below 422
snapshot
Trade active: 15:00 Hrs 28th April2017

Last Price@419.50

Broken below 422 Should carry down more. Enjoy Long weekend & Have a nice day ahead.
Trade active: 15:23 Hrs 28th April2017

Last Price@416.25

Infosys Sleeping -TechM doing its job of melting from day high@429

snapshot
Trade active: 10:18 Hrs 3rd May2017

Good Morning!

Last Price@420

We will continue sell only below 416 & won't hurry, next as pattern needs time for consolidation.
Put Alarm or Alert at 416 & Relax.
Trade active: 14:37 Hrs 5th May2017

Last Price@412

Broken 416

Heading for 405

snapshot
Trade active: 15:25 Hrs 5th May2017

Last price@414

Booking Small profit at 414 & waiting at sidelines for next sell below 410 only- if you missed to book at 411-412 zone as updated above

snapshot
Trade closed: target reached: 13:23 Hrs 8th May2017

Target Reached & Closed at 410 - Further Short or Sell position was to be taken below 410.

Thanks
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
this is Real life practical teaching.
Reply
Nice analysis thanks for sharing :)
Reply
@rohitm1607, Welcome
Reply
Thank you Abhishek excellent analysis
Reply
@piptamil, Welcome Piptamil.
Reply
Can I enter in 400 PE now?
Reply
@pradip.c1000, Trade is already active - can you afford a stop above 442 in cash stock of TechM -then yes else no.
Reply
Abhishek @ amazing analysis .. i follow your blog regularly
Reply
@pvmahadevan, Thanks
Reply
Tech Mahindra is a lost Empire . If it breaches 286 . its checkmate But the Empire is no longer Bahubali. Not a portfolio stock . It will fall.
Reply
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