Hcltechintraday
HCLTech downtrend movement potential with RISK:REWARD 2.1 HCLTech downtrend movement potential with RISK:REWARD 2.1
Symbol :HCLTech
Time frame :1 hour
Analysis: Break out from the symmetrical Triangle and rallied downside, re-tested, and again rallying on a downside.So, We can expect a SELL call. SELL below 1070 with stop loss 1108 and target 990.
HOPE our analysis is adding value to your Trading Journey.
NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
NOTE: RESPECT The risk. SL should not be more than 2% of the capital.
Happy Trading
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HCLTECH - Possible Swing TradeDaily chart: If we look at the daily time frame, we can see that the stock is trading above the 50 and 200 moving averages.
You may also notice that the stock is currently trading in a very strong zone since January 2021, which is about two years.
75-Minute Chart: if we look at the 75-minute chart, we can see that the stock has broken the rectangle &retested the breakout.
currently trading below the 200EMA and trading in the strong zone that we mentioned earlier.
If the zone and 200 EMA were broken with a bullish candle, we might consider planning a buy entry.
We can see a gap on the chart, so if a buy entry occurs, we can set our target price below the resistance area that is located exactly at the gap.
On the chart, I have noted targets 1 and 2, and a stop loss should be placed below the strong zone.
"Wave Volume Divergence" indicator has also given us a buy signal, must try this indicator for confirmation.
I hope this analysis was helpful to you. If so, I would appreciate it if you would like it and follow me on TradingView for more of these kinds of analysis.
Disclaimer : Simply an educational post, I am not a SEBI-registered person.
HCL DOUBLE TOP + 200 MA BREAKDOWNHCLTECH fell with every other I,T giant like wipro & techm but it looks more bearish from here on.
All analysis is explained in the chart above.
Short below - 1045
Targets will be 3%, 5% & 10%
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