Setup mentioned on the chart, I would like to keep the SL as WCB.
Nifty IT, looks like it has completed wave 3rd of bigger degree wave 5th, now it could started steps towards wave 4 as corrective, as per sector views it stocks could show little bearishness as per index predictions. Wave structure Macd in daily time frame Negative crossover Rsi downtick in daily time frame trendline breakdown in hourly time frame adx dmi...
Time cycle and price range measured move indicate the uptrend is matured indicators are also at historic levels waiting for strong bearish reversal candle on daily time frame,, will short this counter with latest peak levels as stoploss once i get confirmation good short candidate if gives reversal confirmation
coforge is facing price rejection around this levels new comers might consider this as fresh breakout but probably looks like will be fake breakout and will reverse sharply waiting for reversal confirmation this can be probable short candidate....
waiting for reversal confirmation once confirmation received ,, can give a good fall,, good short candidate
Seeing the chart of NSE:CNXIT it's very evident that the MID BAND of the PARALLEL CHANNEL is acting in form of SR FLIP TRENDLINE i.e. the trendline which was acting as SUPPORT is now acting as RESISTANCE Few Tips to use PARALLEL CHANNEL a. Always make use of LOG SCALE whenever you are making use of PARALLEL CHANNEL for putting in a LONG TERM PICTURE into...
Wipro has entered long term upward parallel channel after existing a downward trend. Key information: 55D Nifty price change: -4.02% 55D Nifty 500 price change: -1.88% 55D Nifty IT price change: 1.20% 55D Stock price change: 9% Stock is beating Nifty50, Nifty500 and Industry benchmark and developing good setup. Entry at highlighted entry points can be...
Nifty I.T. cmp 33715 on verge to complete impulse phase of elliot wave,, and supply line resistance around current levels,, Time to book profit in I.T. stocks and choose some overbought stock to go short,, Good profit booking and reversal can be seen Fall of 10-15% in counters and index can be seen...
While Friday was really amazing, Nifty IT seems to touch it Max Limit trend line resistance. May be its imaginary and may be Nifty IT makes a new high and a new resistance but seems movement will come in other sectors after Nifty IT gets rejected at the red line. Please see my Nifty IT analysis which I just posted on trading view - apparently, I cannot post link...
Everything is mentioned in the video it self. Questions are welcomed
We all know in stock market, future is the repetition of past. Kindly take a look and decide what you think? Many events are happening around us giving sign of beginning of this fall. Don't forget to comment. Thanks.
Breakout after nice consolidation
Currently RSI <70 IT stocks outperforming market MACD signal line crossing MACD from below. Hinting that still strength is left in IT stocks. Stocks to look out for : Mindtree MPHASIS COFORGE TATELXIS HAPPISTMINDS
NIFTYIT/NIFTY ratio chart has been trading in a range for the last 9 months since Sep'20, as shown in the rectangle pattern. The chart is breaching the top trend line of the pattern with momentum. RSI, the momentum indicator, never reached oversold conditions at the two times the ratio touched the bottom of the rectangle, indicating strength. The RSI is also well...