Wipro showing bullish strength.
Updated
Wipro for the intraday trade is looking bullish and has closed around the resistance zone.
The stock after the fall has given a bullish engulfing candle on the daily charts.
It has been respecting the resistance trend line. Even the RSI indicator is showing a bullish divergence in the stock.
If the stock starts trading above 520 levels and sustain above it, a bullish trade can be entered with a target of 525 for intraday.
Target levels :- 525, 533
Entry:- Above 520
If there is a gap up opening in the stock and it comes to retest the break out levels. A bullish trade can be entered after confirming the price action.
Double break out will be there in the stock. Positional/swing trade can also be created, if the stock closed above the levels on the daily front.
Wait for the price action near the levels before entering the market.
The stock after the fall has given a bullish engulfing candle on the daily charts.
It has been respecting the resistance trend line. Even the RSI indicator is showing a bullish divergence in the stock.
If the stock starts trading above 520 levels and sustain above it, a bullish trade can be entered with a target of 525 for intraday.
Target levels :- 525, 533
Entry:- Above 520
If there is a gap up opening in the stock and it comes to retest the break out levels. A bullish trade can be entered after confirming the price action.
Double break out will be there in the stock. Positional/swing trade can also be created, if the stock closed above the levels on the daily front.
Wait for the price action near the levels before entering the market.
Note
It is halting around the higher levels of the range and can give a break out if the indices move in its direction.
Wait for the break out and take only bullish trade in the stock.
It has been hodling the range from 05/03/24 and a good break out move can be captured in the stock.
61.8% fib levels is also respected and is trading between 38.2-50% levels.
Wait for the break out and price action for the entry to trigger.
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