The price is at a very crucial zone in the Weekly. A mountain pattern is forming in the Weekly. You can call it Head and Shoulders. Facing stiff resistance from the Weekly area.
In the Daily, the long term TL has been broken comfortably on 2nd Dec. The recent trend was already down. Price is seen moving in this parallel...
TREND ANALYSIS & TRADE SETUP
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TechM: Bearish flag spotted on weekly chart.
Double top formation followed by bearish flag.
May be we can find it trading btn 550-650 in comming sessions.
18/09/2019 ALSO COMMENT IF I AM WRONG PLEASE...
view only for educational purpose...
TECHM:- short term Resistance around 734-735 & Short term support around 675-670...
Intraday Range 720-722 upside & downside 700-704..
Techm Elliott wave first cycle finished, The stock price will move for the Second cycle of Elliott wave, the fib price projection for the second cycle is below 350
IT IS LOOKING WEEK AS MAKING HIGHER HIGH BUT MACD IS FLAT.
TODAY BEARISH MARUBOZU WAS FORMED WITH DECENT VOLUME
HIGHEST OI AT 720 CE AND MAX VOLUME TRADED
IF 693 LEVEL IS BROKEN THEN IT MAY FALL
Other than the points mentioned on my instagram IGTV @kotfotrading , from a longer time frame the current price is near to Fibonacci 38.2 level.
Buyers are dying out and I think this could be the last rally before TECHM starts falling (for short term). Also the 700 price zone is a Value area and Point of control on Volume Profile. Market is closed on Monday so...
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