After a considerable correction as a running flat , TechM is ready to break the recent high to trade above the all time highs in the uncharted territory. The correction was assumed as a fourth wave correction & the current rise can be considered as the fifth wave.
Buy techm with sl of 1020 for tgt of 1140-50.
Broadening formation on weekly chart. Bullish above 2785. Remain in buy position whenever the stock trade above the level of 2785. Above that level it will be considered as breakout of a broadening formation. Below 2785 a short term correction cannot be ruled out.
Trading strategy :
Key level is 210
1. Go long above 210 keeping a mino Stop loss of 203 , for the target area of 240 & later 280.
2. Go short below 210 if it starts rejecting from the zone of 210-220 for the target of 190/175.
3. If it starts taking support near the zone of 175-180 again go long with that recent low as SL & ride till 210 & above 210 follow plan 1.