Wipro gives breakout after 19 MonthsWipro's stock has exhibited a consolidation phase over the past 19 months, primarily fluctuating within the range of 316 to 412. However, a notable breakout occurred on December 6th when the stock surpassed the level of 412. Subsequently, the stock price advanced and approached a significant resistance level at 460.
Today, the stock experienced another breakout at the 460 level, accompanied by robust trading volume. The next resistance level to watch is at 530. If the stock manages to surpass this resistance level convincingly with a strong breakout, there is a potential for the stock price to advance further and reach the 620 levels.
This analysis suggests that the recent breakout at the 460 level, coupled with favorable trading volume, has the potential to propel the stock toward higher resistance levels, with 530 being the immediate target and a subsequent target of 620 if the 530 resistance is breached convincingly.
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