#Techm Long (31 JAN)
Taking support around 200 day EMA
RSI recovered from oversold territory
Buy at CMP-1460
SL- 1385
Target- 1540, 1605
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RS (relative strength vis a vis Nifty) gave a sell signal much earlier than chart breakdown. Here the RS is plotted for short term as well as longer term, both have given sell signals, short term one indicated earlier. Also the CRS shows a classical pattern where the down-trending line fails to cross the average line.
NSE:TECHM
Yesterday Institutional zones combined with price action.
there are more stocks in which respected the levels we have updated few for references.
TECHM gave a breakdown from a rising wedge pattern which is a bearish pattern.
Most of the time first it gives a fakeout and then a breakdown same happened here today in tehm
RSI going weak
MACD going bearish.
You can make your short positions on a retracement or pullback
50 EMA Support in TechM proved time and again as an imp support in its outrun.
Also, the previous b/o level of 1630-1640 will now act as support.
A short-term swing trade candidate.
Disclaimer : Educational View
After breaking the parallel channel it has taken a nice support at weekly. I would keep a tight SL below the support and go long. Confirmation being the two hammers.
TechM has taken a pinbar support on 1Hr TF which confluence with trend line support and horizontal support zone. also, script made dogi candle in 1D TF on 19.01.2022
Tomorrow will be a good momentum we can expect. Follow price action and levels before enter
On a Daily time frame, Tech Mahindra is forming Higher High and Higher Low. Based on Demand and Supply power pattern, A buying zone has been formed known as FTR. Buying price as per zone - 1650.5 , Stop loss would be below the zone, i.e. - 1576 and the target would be new higher high. Safe trader can keep a target 1820 which is near its recent high as it can act...
Techm is about to breakdown or still will be in range keep an eye on it
If it breaks range we can short in FUT
Ask me SL and Target in DM
Insta handle @queenofstockmarket
Price moving along the trend line for a longer period rejecting at least 6 times and finally shoots up breaking it and once again price reached the trend line and taking support, as the expectation about he IT is long once can expect Techm also will join the party. If the price crosses the previous high there is a good chance for the stock to move up and break the ATH.
