!!SWING TRADE IN WIPRO!!(DEC FUT)
VIEW
-STOCK IS ALMOST NEAR ITS OVERSOLD ZONE
-THERE WAS A BREACH OF 61.8% RETRACEMENT LEVEL WHICH WAS COVERED
TRADE VIEW
DEC FUT TRADE
BUY@243
STOP @240
TARGET 1@246
TARGET 2@249
QTY:3200
LOT:2
Declining RSI and other Tech analysis shows that Tata motors will have sell off pressure in the coming days, Short CMP and add stop Loss of 180 for any reversal, Expected targets - 163, 157 and 140 Shortly
WIPRO has been in a downtrend for quite some time now (5 months plus) and there is monthly support on the charts. The price has retraced to 0.618 Fib which is acting as support as of now.
This can be a potential reversal zone for WIPRO.
Current Market Price (CMP)- 237.05.
Confirmation only when WIPRO trades @ 242.2
Stop Loss (SL)- 231
Will Post a view again...
One can go long in ITC @246 by keeping previous swing low 241 as stop loss. One can see a hidden bullish divergence in daily . Also 241 is 78.6 retracement of the previous swing
upper wedge formation on Monthly NSE:NIFTY with 100% fibonacci extention on what seems to be Wave 3 at around 12200 levels, suggest a reversal from here. 12200 will be crucial for further upward movement. My bets on short side!
Still something is good , this is just a correction yaar to moon upside !! i am still on bull side , on next weekly close i will update whether we are bull or bear
simple 21 ema close above this week some great bull
or close below 21ema this week then bearish for some weeks and boost back up !! WILL update if anything fissy
note : Don't short the market...
