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...
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.
TREND ANALYSIS
TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
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Risk:Reward = 5-8 times
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...
Tech Mahindra is in retracement of previous Big fall, so short term it is in uptrend and touch upto 713.
I marked the price movement as per target date in above chart.
Target 1 : 689
Target Date : 23rd Aug, 2019
Target 2 : 713
Target Date : 6th Sep, 2019
Sell Near 718-720 Levels With the stoploss of 727 Target 700 and 690
Reasons For Trade- 1. Daily Trend Is down 2.Price has seen excess selling on channel resistance 3 times 3. 725 is IMP resistance on daily chart. 4.Risk Reward Ratio is more than 1:2
