Mindtree | Trendline Support - DailyBreaking down after consolidation, the stock has now hit the Trendline support at around 900. Also 38% Fibonacci levels coincides at the same price and 900 being a round number, one can expect a move up at least as a pull back for a greater bear trend as seen in chart.
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Mindtreeshort
Mindtree Short Possible Mindtree Sell between 958-960 With Stoploss of 970 For Target of 940-920 (positional) Reasons For Trade- 1.Price has Broken the important Support of 960 On Daily Chart Which has now become resistance 2.Price has broken the range of more than 3 months. 3.Price tend to retrace after a fall which is near to 960 levels.(38.2% Fibbo Level 4.Price has strong horizontal resistance+200 Days EMA resistance on 15 Minute Chart 5. Risk Reward is 1:2
Mindtree | Range breakAfter 10 weeks of consolidation, Mindtree looks to break down from the range. However, it would be better to wait for a daily close below 964 for confirmation. Noticeable supports are at respective Fibonacci levels and a rising trendline.
Mindtree: Classic rising wedge breakdownMindtree closed at Rs. 970 on Friday, confirming a classic rising wedge breakdown – a bullish-to-bearish pattern. The share, however, picked up a bid today and rose to Rs. 981.75, weakening the immediate bearish view.
The path of least resistance, however, is still the downside and the rising wedge breakdown would gain credence once the price falls below Rs. 962, creating room for a sell-off to Rs. 930.
Also, I would be a seller if the price faces rejection or fades spike above the high of Rs. 983.50 today. That said, the bearish outlook would be neutralized if the price finds acceptance above $983.85 (Friday's high) on the back of strong volumes.
MOMENTUM TRADE IN MINDTREE MARCH (FUT)MOMENTUM TRADE IN MINDTREE
MARCH FUT
FALLING DOLLAR
FALSE BREAKOUT
DARK CLOUD COVER
BREAKING SUPPORT ON DAILY
FUT TRADE
SHORT@922
STOP@937
TARGET@900
LOT:600
QTY:1
