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...
Stock has been in a strong one way downtrend. Currently near a support zone of 1125-1130.
This zone is quite important. There is 1:1 harmonic completion in this zone. Also 38.2% retracement of its bull move from 600 to 1450 falls in this zone.
I am not expecting complete reversal, due to enormous strength in the current downmove, but a relief rally that could...
Although I presented the trade on weekly chart yet it would be small swing trade which may take just few days to either hit the targets or stop loss. Partial or full profit booking at first target could be done as overhead supply may hurt the upmove. Some might disagree with my Cypher pattern so I urge them in advance to take it easy :)
All nitty gritty details...