Trend Reversal - WiproWipro is seen may have turned the downside trend now and is bouncing back and stock has turned positive in super trend also so one can look to buy stock for 450 levels where stock has announced buy back with a stoploss of 373
PS - THIS IS JUST FOR EDUCATIONAL PURPOSE AND ONE SHOULD CONSULT ITS OWN ADVISOR BEFORE TRADING AND SHOULD TRADE ON ITS OWN RISK
WIOA trade ideas
Bullish flag pattern breakout in WIPROWIPRO
Key highlights: 💡⚡
✅On 1 Hour Time Frame Stock Showing Breakout of Bullish flag Pattern .
✅ Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 420+.
✅Can Go short in this stock by placing a stop loss below 395-.
Wipro Smart Buy Wipro In the weekly time frame is on last week's brake flowing wage pattern.
this week it was breaking it with the ( High Volume +15.50 ) this is a very positive sign for Entry on the Wipro
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CONDITION ONE - Price will hit 443price after that the next target is 495price is the 2nd Target If the buyers are taking more interest in it Or Wipro's more positive News is also helping to push the price to the Next level AND upcoming next week's price will take a Headly retest 392price level zone after that it will More volume bullish and hit August high.
CONDITION TWO - Price will go up for some time and after that, all buyers enter the market after that seller volume is coming and trap all the buyers who already enter the market seller can hit all the buyers stop loss, and push the price down.
So, it is a good time to Enter the Wipro But this is up to you what type of trader and Investor you are
ACCORDING TO ME - I will take the position you see on the Chart and I also give you my SL and TP
History Repeats for wiproLooking at similar pattern in 2001 , It is repeating now in 2023.
So this can take a while to hit the ATH , so its really tough time for investor for who bought at high price. but as the inflation is high and considering the % of Breakout the consolidation range can be shorten then the previous pattern. So in upcoming days if the trend line is broken it can go up to 300 in worst case even below that. and can consolidate with in a range.
WIPRO - #intraday Chart Analysis || 11th May,2023 #stocksAnalysis Criteria Used:
1. Please find the Chart Analysis done for the Intraday Trade Idea levels for 11th May, 2023
2. The analysis for the Trade ideas, has been done based on Trend analysis and Chart Patterns with Volume Buildups
Focus On:
1. Always keeping your Risk Management in play
2. Using a Stop Loss; because it is your Best Friend
3. Always Plan your Trade and stick to your Plan
4. Dont overthink or overanalyse
5. Treat this as your Business and get serious about it
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WIPRO End of Fall ??!!Chart patterns insist me to go with above titled opinion
REASONS
1. In Monthly timeframe , WIPRO has been trading inside Ascending channel taking support and resistance (shown below)
2. Middle yellow trendline- Resistance turned Support looks favourable for the bounce.
3. Entry(safe) can be made after a good voluminous Breakout out of the white slanting trendline.
4. SL can the low of the Breakout candle.
As the stock has fell more than 50% , we can even wait for WEEKLY BREAKOUT and then enter upon retracement.
Will update as it moves!!!
Let's wait & watch , how it moves!!!!
NOTE- Just sharing my view...not a tip nor advice!!!
[Turtle] Wipro 370PE Short IdeaShort Wipro May 370 PE a 8.25
Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
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I use shorthands for my trades.
"Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.)
"Intraday" -means You must close this position at any cost by the end of the day.
"Theta" , "Bounce" , "3BB" or "Entropy" - My own systems.
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I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share.
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Like -
Always follow a stop loss.
In the case of Intraday trades, it is mostly the "Day's High".
In the case of Positional trades, it is mostly the previous swings.
I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives.
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Hammer PatternHammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow.
The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price.
The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small.
The lower shadow should be at least two times the height of the real body.
Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation.
Script = Wipro
Time Frame = 1 Day