Coforge is taking support on a trendline on 4 Hour timeframe.
And taking a horizontal support too at around 2420.
And according to the short term fibonacci it is exact at 0.236 and according to medium term like from 21 Dec it's at 0.786.
If it takes support at 2420 and Nifty is also bullish then wait for an 1 Hour candle to close above 2450.
Summary For Swing...
Long above 2474 for the target price of 2750 & 2805 with SL of 2335. Stock in uptrend & trading above 20 EMA. Entry will be taken after the BO of TL.
Once price move above the 2550 will follow the trailing SL.
COFORGE shown breakout of the parallel channel in the last trading session. Also, its indicating breakdown of the lower band of Bollinger bands. Overall strong downside possible after this pattern.
Sell COFORGE Below 2399
Target 2334 2287 2210-
After giving a five waves down , the stock has made a 3 wave upmove in a parallel channel whose breakout was seen in the friday's session. One should make a short position keeping a stop loss a bit higher of just recent high that is 2500 level and wait for the target below the recent low which is 2077.
The stock has given breakout with good volume in sept and tested the breakout zone twice (2060-2080).
After 2nd retest that happened earlier this month, the stock has been consolidating above 50ema.
Target: 2420, 2480, 2550
COFORGE buy between 2065-2085
TARGET 2100, 2125, 2148, 2164, 2182, 2193, 2204
During correction, It may bounce first in range 2150-2165
Else bounce possible in range 2065-2085
Posting for Educational purpose only
Closing Basis means stock need to trade in range 2065-2085 between 3:20 ~ 3.30 PM
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HOW TO FOLLOW ALGO SIGNAL:
1.Strictly use only on 1 hour time frame.
2.Wait for a ‘X’ sign before mind make up. A red ‘X’ means look for selling opportunity , a green ‘X’ means look for buying opportunity.
Taking a position:
3.Wait for an arrow before entering into any position. A red arrow on upside of a bar pointing downward means open...