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Risk:Reward = 5-8 times
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
Tech Mahindra appears weak in chart. Earlier there was a Double Top pattern and currently we could see a valid Bear Flag pulling price downwards. Now that the stock is hovering around double top target levels of 700, which also being a round number the stock might pick it as a support and perform some recovery.
However, the recovery to be considered as a trend...
Tech M seems to have finished an expanding flat as part of a correction to move to the upside. Its highly likely that Tech M could start moving up to retest its previous highs and also possibly make a higher high. Now even if it makes a lower low on the 60 min , that could mean that the wave C is incomplete. I'd still look for a buy set up unless Tech M starts...