Just an update no signs of reversal yet
stay alert my view is a top is near in IT sector
expect sector rotation
expect funds to transfer into banking sector and auto sector
holding longs then wait for a reversal
Sharing only for the purpose of learning.
IT sector may lose some steams after this wonderful rally.
Fibonacci Projection as shown reached the 1.414 levels in a single rally.
Few stocks showing some retracement signs on charts.
It can retrace or again start his journey again as few stocks still seem very strong on charts as below.
- TCS - Mindtree ...
Index is respecting the rising trendline support and bouncing ever time it touches the demand zone,, bullish candle formation after small consolidation,,,
MACD have given positive cross over after the retracement of last up move , indicate up trend is intact and will continue
RSI have started making higher high and higher low after the retracement from 90 to 50...
As of Now My View With IT SECTOR is BULLISH...
INFY Took Resistance 1588 and then we see Profit Booking which was expected after BOOM in ITSECTOR
No we Have Some levels for NEXT WEEK ...
If infy take SUPPORT from TRENDLINE which is near- 1552-1556 then we will take trade for target of 1588
and if it broke the TRENDLINE then take trade at 1540 and target will be...
As We can See Mindtree Formed the ASCENDING TRIANGLE PATTERN this is Bullish Pattern which shows that the stock made good base and ready for up move ..
Buy Initiate Above- 2745
SL - 2715
Target - 2750/2790
Do Like And Follow For More Ideas
Intraday Simple Price Action Setup
Buy Above - 2710
Short Below- 2683
SL - Own SL
But As of now my view is still bullish on this sector ..
Tommorow it might give another upmove...
Happy Trading...Safe Ur Capital Use it Wisely
"Nazara ka ab Nazara dekho"
Breakout today with good volumes.
Small consolidation at support is over.
Last two candles are thick. Looks impresive.
IT sector is rallying for last few days.
Keep this one in radar.
This post is for information purpose only.