In the Weekly Chart of COFORGE ,
we can see that; after Inverted Head and Shoulder breakout, it did not sustain and we saw a downfall.
Let it form a Hammer or W shape recovery on Trendline of Cup & Handle.
4400 can be a reversal point.
COFORGE BULLISH
SHORT TRERM BULLISH
BUY : 4990 - 5020
TG : 5500 - 5750
CBSL : 4850
This is not an investment advice and also please note this is only for education purpose.
So before investing any single rupee, please do your own research according to your risk taking capacity and after that do invest and book profits on right time.
Classical head & shoulders pattern formation in coforge. Above 6000 it may rally as per the charts analysis. It may consolidate around 6000-6100 mark ones its taken out there will be good levels. 6000 7000 8000 9000.
Coforge Ltd form Inverse H&S pattern on chart, Neck line is placed near 5878 near. As per chart it is showing bullish reversal ice land pattern.
It can long for target 6363+ soon
NSE:COFORGE
Good to keep on the radar
Always respect SL & position sizing
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Trade Secrets By Pratik
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Disclaimer
SEBI UNREGISTERED
This is our personal view and this analysis
is only for educational purposes
Please consult your advisor before
investing or trading
You are solely responsible for any decisions
you...
Stock has rallied good in the recent month and started making zigzag zone and at the same time struggled to make a higher high indicating signs of weakness , the rising wedge and a rounding bottom within it supplementing the weakness bias . Momentum indicators signalling diversion and not much market participation ( possible signs of distribution...
As we can see on a daily time frame of COFORGE it has broken a long term support trendline and weakness in nasdaq can lead indian it stocks down so expecting decent downside in this script.
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Coforge is in sell on rise currently
In monthly chart
*** bearish candlestick
*** momentum downward
*** price is above all ma
*** since few months price rejected from 6600 level
*** and support between 6100 to 5860...
With momentum building up in the IT Sector, analysing Coforge was very important.
Here are the details-
With the current pricing and levels in the chart of Coforge,
The buying/accumulation zone is between 6500 to 6600
The profit booking/ supply zone is between 6850 to 6950.
There are Higher highs and higher lows being formed on the chart with the levels...
Coforge ready for a cup n handle breakout. 621 points upside from here.
This is an personal educational view, im not a sebi registered advisor. Pls do your due diligence before investing.
Trade Type:--- This is not a conditional trade you can trade now.
Rules _for Advice
1 : Observed all Trend
2 : Trade in Short-term trends for a short time
3 : High Low followed
4 : Indicator followed
5 : Waited for pattern Formation and Breakout Point
6 : Pre Defined Stoploss and Target ( Given @ Line of both)
7 : Pre Defined Loss and Profit(Given at Top...
Reason for long
a) Triangle breakout
b) good engulfing
c) FII increased stake in last quarter
d) QQE support
e) Breakout pull back set up in weekly time frame
f) SL compulsory
Capacity expansion possibility in long term
COFORGE results to be declared today on 22/01/2024.
How to trade it being a volatile stock preferred by F&O traders.
Coforge was rejected at 6757.20 level afte entering into new price cycle.
Price was rejected from the start of the growth one in new cycle.
We are back to cluster zone support levels.
Cluster Prices to watch is 6300.05 and 6271.85 or term...
- Coforge is currently looking bullish
- Coforge can soon retrace back and take out some Buy side Liquidity
- From a swing perspective try avoiding it and wait for a retracement
- Do not enter longs here
