It is been observed that the price action is indicating weakness and strong selling pressure at higher prices. It shall further go down from current price action.
Target 1: 235
Target 2: 230
Stoploss: 248
HEXAWARE has formed out side bar on weekly trend line and formed rounding bottom pattern.
Target 1= 235 (38% fib level)
Target 2= 273 (61% fib level & pattern tgt)
stop loss =198 > (weekly close)
Andrews has taught that if price crosses the Median Line without halting there it is sign of strong bullish move and that in this scenario movement is expected till the other parallel. Mostly price comes back to retest the Median Line within 3 days thus giving a good entry. It is the perfect example to the technique. Pitchfork seems reasonable so one can expect...
It is been observed that some of the charts are forming a symmetrical triangle on the daily chart which can provide good returns in coming days.
On verge of Breakout:
1. Hindpetro
2. South Indian Bank
Successful Breakout:
1. Hexaware
2. SRF
Regards
It is been observed that the price action on daily chart, firstly breakout from a downtrending channel, indicating bullishness. It did go up and now it is facing a high selling pressure at the resistance between 205-210 levels, which may correct the price action to 195 levels where again a heavy buying can been seen.
Target: 195
Stoploss: 211
It is been observed that the price action is trending down on weekly chart and now it has broken the previous support levels of 183 on daily chart, which indicates further weakness. On weekly chart, we can see a strong suport level which can be our next potential target.
Target: 170
Stoploss: 195
As highlighted on the chart, there were three touch and go candlesticks formation observed at supports level of 202 on the weekly chart. As per the last week closing, this time the sellers was in control with price action and breaks below the buying zone or the support level of 202 indicated weakness and sell off in coming week. I expect the target to be 180...
