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...
A midcap IT company with decent valuations have given the breakout. Remember we are already holding from 2570 which was our first buy given in our stockarrows group. Now is the second buy.
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.
Possible Trade:
Sell COFORGE Below 2399
Stop-loss 2445
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.
Education Only.
No Buy / Sell Suggested.
Possible to Reverse from 2390, if break 2356 and 2346.
Buy while crossing green and red.
Trend Line Break.
Low side are support.
Up side for Buy.
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.
CMP: 2355
Target: 2420, 2480, 2550
COFORGE buy between 2065-2085
SL 1980
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
If my analysis appears OK then please LIKE, FOLLOW and SHARE...
HOW TO FOLLOW ALGO SIGNAL:
Deciding buy/sell
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...
Price taking support at trendline.
Price sustaining above 2275 can see 2580 & 2775
SL 2080
On bearish side:
Closing below 2080 completes HNS pattern.
Can see 1400 in the downside.
