TECH MAHINDRA 1D TFTECHM is a Large Cap company operating in IT Software sector.
Rangebound for almost half a year.
As per technical's, Bearish Harmonic pattern in play.
The last candle, seems to be taking support at fib 0.236 level.
Similarly, It got rejected at Point D of Harmonics, The price might stall or reverse.
If Point D breaks out, The next levels to eye on will be 1044 and 1073 for reversal.
Short term fluctuations can be anticipated as the trend will further move towards the resistance of the range.
TECHM trade ideas
Tech Mahindra, 26 May 2021 - Intraday SetupTech Mahindra can be used for a good short set position depending upon the price action. The closing price today (25 May 2021) was at a very interesting point. At 15 min time frame, it closed below 50 EMA but took support from the trend line. Short intraday position can be taken if a 15 min candle closes below the trendline with a target till 200 EMA and stop loss just above the 50 EMA.
Note: Please do not follow my idea blindly, analyze yourself as well. I just share my idea so that people can build upon the same. The idea I share is open to healthy criticism and feedback :)