WIPRO on 15 min chartSame analysis for Wipro again. If we look at the end of the day, we can see bear in control but that trendline support is too strong. Wipro can give reversal signs from support and if open up with gap down, I have put a trend line that can act as future support based on price action. Trade safe.
Wipro
Wipro on 15 min chartWipro has been forming a bearish continuation pattern after sustaining below 200 ma line. This indicates that Wipro is in major downtrend and this must be a small correction or retracement. There’s a possible chance for reversal because there’s 3 reason supporting our statement.
SUPPLY ZONE
200 MA LINE
FIBONACCI 61.8% level
WIPRO LTD | Bullish Flag FormationTarget: 432, 460
CMP: 410.50
It can be clearly seen in the daily chart that the price has been in a falling channel and has taken a support at the lower end of the channel, this can be confirmed by the presence of a doji candle. Now, the price is headed towards the upper band of the channel(432), if it breaks the level and sustains, then we can expect to see a target of 460.
Preparing For BreakoutIdeally one should buy on breakout level of ₹440 for target 480/500 -but i would like to buy at Cmp with stop loss at 400 because on a longer time frame the stock is making heigher high ,well supported with the trend line, here my RISK/REWARD will be of 1:3 -pls do comment, like and Share, if you really like my Analysis :)
Stock Analysis of WiproPrice - 410.30 Dt. - 26-02-2021
The stock has made a descending chart pattern on the daily time frame. In the last trading session, the stock took the support of the support line. Stock is ready to break the triangle either in a downward or upward direction. If a stock starts falling in the trading session then it can be an indication that the stock may fall more. RSI is near the oversold zone, so chances are downtrend can be limited.
If you already have stock then keep an eye on the chart to sell if it becomes bearish. It will also be the opportunity to buy more in the dip.