Looking at the Evening star pattern created today on the candle, looks like the stock might fall down tomorrow.
I am still studying about the support and the resistance lines for targets and stoploss, but below are my predictions. Please let me know if I'm wrong.
Target - 262.5
StopLoss - 307.3
Lets hope for the best.
After a long bullish candle, today a doji is formed with high volume which means uncertainty in the market. Profit booking might be happening and tomorrow we may see the bears getting into the market. Short tomorrow at the bottom of today's doji. RSI is also at 75 suggesting over bought condition.
Buying strictly above 12120-12130 only for 12150-12160 / above 12160 for 12200/12250
Selling close to 12250 with strict stops above 12275 for targets 12200 / 12150 / 12100 / 11980
Selling close to 12080-12100 – Strict stops above 12130 for 11980 / 11750 / 11650 & lower targets in days to come
Selling below 11980...
TCS NSE:TCS again got rejected at the long term trendline resistance which has been holding strong since Oct 1,2018.
I can see that it formed a long Bearish candle and an Evening Star pattern on Feb 28.
Good opportunity to shot for targets of 1940 and 1920 with stop loss a few points above the downward sloping trendline.
Disclaimer: Views expressed here are my...