As we can see TCS is in Triangle pattern
Will take the entry above 3146.00
For the targets of :-
Target 1 :- 3200
Target 2 :- 3300
Target 3 :- 3325
STOP LOSS :- 3103
Take Entries & Exit as per Price Action only
Always Follow Risk Reward Ratio & your Money Management
** Only for Educational Purposes
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As the last analysis said ..... no buy signal above the red cloud box and the same box provided heavy resistance for the stock .... On lower TF still bullish and 200dema retested if the yellow small trendline broken with a power candle and moves thru the red box . on 15min TF . 2% positional tgt is activated with the SL being the low of the candle .
Happy trading #TCS
Reasons to LOOK for Buy:
1) Clearly in an uptrend.
2) In the pullback phase to hit the previous support zone.
3) Support zone contains 50% retracement line.
4) Price may also hit 20MA in the zone (thus considering 20MA as support)
Look for buying opportunity in lower timeframe
SL @2882 as per Risk.
Position sizing as per Risk.
TP @2980
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Note: This is for educational purpose only.
21 EMA has acted as a dynamic support in the past. There seems to be a pullback to 21 EMA and formation of hammer. Moreover, there is increase in volume. RSI is at 58 which is nearing bullish zone.
Upward Impulse complete and the correction forming is a Fat Correction where Wave A is complete B is almost complete;
Hence Wave C is yet to start and this is going to be a downward Impulse with 5 Waves and this correction ca retrace the Previous Impulse as much as 100% as per the rule of the Elliott Wave Theory;
So this is the time to book your profits;
