Description:
HCL Technologies (HCL Tech) has formed a visually striking bullish head and shoulders pattern on the price chart, indicating a potential upward trend. Traders and investors may find this setup appealing for potential trading opportunities
Key Points:
- Pattern Type: The pattern observed in HCL Tech's chart is a bullish head and shoulders pattern,...
Note: This is for educational purpose only. Please do not trade based on this. I am not a registered SEBI professional. These are just views for study purpose.
There seems to be a pullback post break out in HCL Tech. Moreover, the RSI and Relative strength is in bullish zone. There is a build up near resistance as well.
SL: 1100
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...
On a daily time frame, the stock after a bull Run has been consolidating.
The flag and pole pattern is a bullish pattern and once it breaks out of the parallel channel it will give good targets.
Support :- 1150, 1138
Resistance:- 1223, 1254
Wait for the break out of the parallel channel
