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:...
Daily 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...
Volume is supporting the Price movement in a Weekly basis.
On daily Price decreased but Volume also decreased.
Stuck on Symmeterric Triangle.
Inside bar pattern formed.
Will wait for either side to Breakout.
HCLTECH Formed Ascending Triangle Pattern. Wait for proper breakout and retest and based on that, one can look for entries.
Please HIT the like button, this motivates us to make more such analysis.
For more such trading content follow us on ( @tradechefofficial )
HCL Tech looks weak below 1157, sell if sustains below this level for the lower marked targets on the chart.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
HCLTECH 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%
Please LIKE, COMMENT and SHARE to motivate and support me. I'll keep on posting new ideas on Indices & Stocks. Be sure to follow so that you don't miss any good trades...
