TradingView
Nimish_Ghagare
Jan 1, 2023 10:08 AM

Positional or Longterm opportunity in Wipro Long

WIPRO LTDNSE

Description

Go Long above 396.4 for Targets of 416.5, 436.6, 456.7, 476.8, 496.9, and 517 with SL 376.3

Reasons to go Long :

1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.

2. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.618 Fibonacci level.

3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.

Trade active

Stock triggered our Buy price on 30th Dec 2022
More