TRADE BASED ON 1, HIGHER HIGH AND HIGHER LOW BASES 2. PRICE ACTION 3. VOLUME ANALYSES 4. FIBO RETRACEMENT
Note: This is for educational purpose only. 21 EMA is above 55 EMA which indicates short term uptrend. 21 EMA has been acting as dynamic support previously as well. Moreover, there seems to be a bullish engulfing on 21 EMA. RSI above 60 indicates bullish momentum.
Please follow these rules before taking a trade : 1. The breakout candle didn't have any volume (Checked). 2. It is at a major resistance (Checked). 3. The up-trend has to be broken and retested (Checked). 4. Take the trade only after the above these. Do let me know if any doubt is there.
Berish Below 501 Bullish above 535 Reverse trade if stopped out
According to technical indicators and candlestick analysis looks like the Indian I.T sector share gets overstretched and correction is possible. Also, RSI is in the overbought zone (80), and also in day frame analysis, it has formed a "Shooting Star" pattern (Trend reversal pattern). Here, by Nifty I.T analysis I am referring to I.T stocks Eg: NSE:TECHM , ...
With Indian IT sector looking strong, there are a few potential opportunities . HCLTECH was posted earlier TECHM is another one. Look for new highs while the support holds
IF STAYS ABOVE 790 LOOK FOR 820 AND HIGHER ZONE.
TRADE SETUP ! H & S CHART PATTERN ! Follow Chart Instruction. Do not be Hurry for entry. Wait for Proper Entry Setup. Buy/Sell with Best Risk Reward. Educational Chart Only. Wait for entry setup, if available then Long/short. Reward is 4-6 times .
Im not an expert im just sharing my views on TECHMAHINDRA for today Im not responsible for any profit or loss this is not a recommendation
I hope you can now see how Techm represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor. Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis . Thank You Disclaimer: It should not be assumed...
NSE:TECHM techM long positon just for practice
Go long around 788 Targets based on fibo SL of 778 (ENTRY STRICTLY after breaking above Inside Bar)