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good for only sell huge downside potential don't miss this trade
MAY RE-BOUNCE TO 498 SL 459
Stock witnessed selling at trend line resistance at 462 cross of which it can move toward 500+ in short term
CMP : 424
Tech Mahindra is in a descending channel. So the trend is declining, so it should breakout below the lower trendline. The green area is the demand zone where it should find support. RSI is also in a downtrend. So shorts can be initiated.
Disclaimer: I am a novice at charting and this chart is purely for educational purpose. Views and ...
TECHM 26th Feb 2017
Date of Trade (Time if applicable): 26 Feb 2017 Sunday Evening 07:50 pm
Entry Date: Buy Stop order is placed.
Stock: TECHM - Tech Mahindra
Current Price: 505.80
Entry Price: 523.52
Time Frame: Monthly
Type of Trade:
Long Term Trade
Reason For Trade:
IT sector is a strong sector and India ...
It is been observed on the hourly chart that the price action is forming higher highs and higher lows indicating a trend moving to upside. Now, it has further broken above the prevailing resistance level of 507-510 and now further move to 520 levels to fill up the gap zone.
as we can see a bullish engulfing pattern there and marubozu there and price above 8 ema
It is been observed on hourly chart that the price action breaks above downward trend line indicating a further move up. It shall now retrace back to 50 fibs level at around 475 levels.
It is been observed on daily chart that the price action is breaking out from a downward trendline with an uptrend channel formation. It is slowly and gradually moving up the price levels while respecting the resistance and support levels of the said uptrending channel. It shall further move up to the next resistance level at around 460-65 levels.
After a breakout from a big rectangular consolidation, it signals a sell for now to a target of 480. The target has been measured (as shown in purple arrow) that matches with support levels. keep a Stoploss 1 499
It is been a while that the price action is been consolidating and now expecting a big breakout. I believe it will be a good move to ride on and I'm posting it now to keep a track on it.