Topic Statement:
Wipro, a lagging IT stock, has shown signs of reversal after strong support at the 50% retracement level, with a wedge pattern hinting at a decisive breakout ahead.
Key Points:
* The stock retraced to the 50% Fibonacci level at 225, where it found strong support and reversed
* Price had dipped below the 180-day EMA during the correction, further reinforcing the significance of the support zone
* A wedge pattern is now forming, and a breakout on either side could define the next major move
Wipro, a lagging IT stock, has shown signs of reversal after strong support at the 50% retracement level, with a wedge pattern hinting at a decisive breakout ahead.
Key Points:
* The stock retraced to the 50% Fibonacci level at 225, where it found strong support and reversed
* Price had dipped below the 180-day EMA during the correction, further reinforcing the significance of the support zone
* A wedge pattern is now forming, and a breakout on either side could define the next major move
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.