- Coforge is currently looking bullish
- Coforge can soon retrace back and take out some Buy side Liquidity
- From a swing perspective try avoiding it and wait for a retracement
- Do not enter longs here
I am expecting a small downfall in Coforge Ltd. There is a trend line break down in small time frame. Also there is a trend line below in bigger time frame. So I am expecting the market to fall till the big time frame trend line.
Coforge is making a variant of head and shoulder near previous resistance level.
If it crosses below 3685, any retracement can be a good opportunity for 3600 level followed by 3400
Only for educational purposes. Happy trading
NSE:COFORGE
#NSE:COFORGE formed beautiful rounding bottom and trading @ key resistance zone, BO sustainability may show good momentum.
Levels marked on chart.
📈 CoForge 📉
My Findings :-
1. Breakdown of UpTrending Trendline Zone. See Below Chart.
2. Lower High and Lower Low Formation.
3. But IT Index at Support. To get more confirmation can be waited till IT Index Breaks down. Check IT Index Chart below for reference.
Bias- Short
Target- 3439, 2751 and 2390
SL- 4565
RR- 1: 3
IT Index Chart :-
All Important...
NSE:COFORGE
I am posting this as one of the follower on Twitter requested for it.
Observations:
1) On 1day time frame,Today, Today it traded between 100DMA and 50DMA.
Breakout on either side will give a good move on that side.
100DMA is placed at 5180.30 level. So level range of 5180-5200 will work as support.
50DMA is placed at 5350.25 level. Which...
coforge is facing price rejection around this levels
new comers might consider this as fresh breakout
but probably looks like will be fake breakout and will reverse sharply
waiting for reversal confirmation
this can be probable short candidate....
NSE:COFORGE
if you know reversal trading then only trade on this chart , as one can see there is mentioned reversal zone and stop loss.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them....
![COFORGE: Simple Trade Setup | COFORGE | 09-12-2021 [ INTRADAY]](https://s3.tradingview.com/a/aTMSrM3W_mid.png "Simple Trade Setup | COFORGE | 09-12-2021 [ INTRADAY]")
