NSE:TECHM on breakout above 720 we can see 770 840 sl 690
Current levels may act as a resistance... if broken & sustained above, more upside possible or else downtrend may resume
TECHMAHINDRA BUY| HARAMI CANDELSTICK | 24-27 SEP, 2019
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.
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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
Cmp: 708 Buying Zone: 700-710 Targets: 740-760-780 Potential Returns: 10% NSE:TECHM
as it is hitting the resistance levels, it might bounce back from 3or 2 or 1 and might take a new high within 3-4 months time frame
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...
Go Long at CMP (=740) for a target >790 with SL @ 720 on weekly closing basis
- Every time the Stock has hit a new high, it has retraced 23.6%. - Following to which the stock has rallied to about half of the retracement. - Based on the same, the next likely target is Rs. 900
It is taking strong diagonal support as shown in chart. will move upside as if it gave strong bullish candle, and double bottom pattern on short term.
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...