WIPRO near strong SUPPORT ZONE. It may bounceback. Current price is near the good support zone. If holds 245 levels on closing basis, can bounce to 300 in short term.
NSE:WIPRO Breakout will happen above 497.5-498 with the Target of 510. This is the resistance level of the Double top as well as cup pattern built now.
We are looking at a 8 year Nifty IT chart
Lets see what the chart is trying to tell us...
- Between 2009 to 2015 the price has risen from 1933 levels to 12908 levels
- Since Jan 2009 till March 2015 the index has been making higher top higher bottom
- It is only after March 2015 that the index is seen making lower top lower bottom on a regular basis
Hence...
IT industry has been in a bearish tone forming lower high - lower low since Q2-2015. The industry is under pressure with margins and visas followed by blow of Rupee appreciation.
For short term, 9,880-9,900 stands to be crucial support. The reverse Bullish AB=CD around 9,900 at rising trend line indicates reversal on cards. As per time analysis, the previous rise...
Wipro has been gradually rising and trading in channel, it made false breakout today but smartly recovered, it may now approach again 518 level if breaks this resistance then it may go higher up to 541
Buy Setup:
Wipro just bounced off at the support level 485. We also have a hidden bullish divergence. Go long at the break of trendline, with target at 500.
Short Setup:
If Wipro breaks bounces off the trendline and breaks support at 485, wait for retest at resistance and short it with target at 470 level.
Wipro daily chart is showing negative divergences with MACD and Stoch RSI. Today's Close is at 490 which is very near to resistance of 500. Also, possible pullback can be expected considering the today's close just above the boundary of upper Bollinger band.
These 4 reasons indicate the price pullback in next 2 trading days. Prices may test the resistance of 500...
for educational purpose only - wipro has made a false breakout without the support of volume so sell below 490 with sl of 501 for target of 475, 464, 445, 432, revise your sl accordingly price.
Wipro formed long lag dozi with 3dema is left is good sign of stock reversal from this point
Buy this stock with target of Rs. 505. since last 12 month this counter week ness it now time to enter and enjoy trade
wish you happy trading enjoy
It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as...
